LISTED media company GMA Network, Inc. saw its attributable net income jump more than three times to P2 billion in the first quarter of the year from P583.41 million in the same period a year ago.

The company’s total revenues surged 54.7% to P5.46 billion from P3.53 billion previously, GMA Network said in a disclosure to the stock exchange on Monday.

Advertising revenue increased 56.6% to P5.09 billion in the first quarter from P3.25 billion in the same period in 2020.

The company’s total operating expenses increased 5.6% to P2.84 billion in the first three months from P2.69 billion previously.

“Sale of goods also contributed to the healthy topline of the company, owing to the successful launch of GMA Affordabox in the middle of last year and GMA Now towards yearend,” GMA Network noted.

“Meanwhile, sale of services which included subscriptions income, subsidiaries’ operations and others, wrapped up the first quarter this year at P214 million, behind by P63 million versus Q1 2020’s P277 million,” it added.

GMA Network shares closed 1.04% higher at P8.73 apiece on Monday. — Arjay L. Balinbin