GMA Network continues dominance; income surges 98%

BROADCAST company GMA Network, Inc. saw its attributable net income surge 98.1% to P1.6 billion in the second quarter of the year, as revenues from advertising and sale of goods and services remained at high levels.

Total revenues for the quarter climbed 59.4% to P5.1 billion, the company’s second-quarter results showed.

GMA Network’s total expenses for the second quarter also increased 55% to P3.1 billion.

For the first half of the year, the company saw its net income attributable to the parent equity holder jump 157.1% to P3.6 billion.

Total revenues for the first six months grew 55.9% to P10.6 billion.

The company’s expenses for the first half went up 25.5% to P5.9 billion.

“The presence of new revenue streams such as the sale of digital setup boxes (GMA Affordabox) and digital TV mobile receivers/dongles (GMA Now) further added to this year’s topline growth,” GMA Network said.

“Advertising revenues remained the lifeblood of the company with a 93% share of the total consolidated revenue pie,” it added.

GMA Network shares closed 5.69% lower at P13.58 apiece on Tuesday. — Arjay L. Balinbin

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