GMA Network, Inc.’s (GMA) net income fell 35% in the first six months, due to the absence of revenues from political ads this year.
In a statement, GMA Network said net income after tax stood at P1.552 billion as of end June, while EBITDA (earnings before interest, taxes, depreciation and amortization) dropped 29% to P2.961 billion.
Recurring revenues went up 6% to P7.69 billion in the January to June period. It did not disclose consolidated revenues, except to say it dropped by 12% during the period.
Excluding the impact of political ads, the broadcast company said GMA-7, GMA News TV, Radio and Regional units all recorded positive revenue growth during the period.
Meanwhile, its international operations and other businesses saw a 22% year on year growth.
“We will still try to accomplish our year-end financial target as we have entered the second half of the year. We are very excited about our new programs, particularly on our prime time block, as well as other business opportunities that are expected to unfold within the year,” GMA Network Chairman and CEO Felipe L. Gozon was quoted as saying in a statement.
Shares in GMA Network added 3 centavos or 0.49% to close at P6.17 apiece on Monday.
