GMA-7 profit falls on lack of election ads
GMA Network Inc. reported a 30 percent drop in net earnings to P2.55 billion last year, largely due to the absence of election-related spending.
The broadcasting firm owned by the Gozon-Duavit-Jimenez triumvirate registered P15.3 billion in revenues, down eight percent year on year, Airtime sales declined by 10 percent to P13.6 billion
GMA said the shortfall in airtime revenues from both television and radio operations was partly cushioned by the improvement in other revenue streams of the company which grew by 13 percent in between periods.
“Without the one-time boost from political advocacies and advertisements this year nearly all airtime revenue-generating platforms’ top-line performance paled in comparison to 2016. Core channel, GMA-7 which comprised about 81 percent of the consolidated revenues registered the biggest drop among airtime-revenue platforms with a setback of 10 percent compared to last year,” GMA said.
In terms of television ratings, GMA said it beat its rival ABS-CBN nationwide with an average people audience share of 42.5 percent.