Business

GMA eyes higher earnings this year

Leading broadcasting firm GMA Network Inc. expects to exceed its P2.63 billion profit last year on steady growth of its revenues as well as cost-containment initiatives implemented by the management.

“In terms of bottom line results, we’re optimistic we can surpass 2019 net profit,” GMA chairman and CEO Felipe L. Gozon said, noting that sales have already started to pick up.

He, however, noted that 2019 revenues included non-recurring election-related inflows which could be be difficult to match this year,” he said.

Gozon said the newly-launched digital TV device Affordabox will also help drive the Kapuso network’s revenues this year.

“We are continuously working on expanding its coverage in addition to the initial areas,” Gozon said.

Affordabox is available in Metro Manila, Benguet, La Union, Pangasinan, Bulacan, Pampanga, Nueva Ecija, Tarlac, Batangas, Cavite, Laguna, Quezon, Rizal, Bohol, Cebu, Leyte, Davao de Oro, Davao del Sur, and Davao del Norte.

In the first quarter, GMA saw its net income decline by 19% to P583 million due to the absence of political ads and the impact of the coronavirus outbreak in the middle of March.

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