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GMA Network profit up nearly 14%

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GMA Network, Inc.’s attributable net income for 2019 grew 13.6% to P2.62 billion as revenues improved.

In a regulatory filing on Monday, the company reported that its total revenues last year went up 8.3% to P16.49 billion. Broken down, the network’s advertising revenue increased 9.7% to P15.17 billion, while subscription revenue declined 8.9% to P1.06 billion.

Production revenue grew 31.6% to P173.48 million, while revenue from distribution and content provisioning decreased 18.4% to P89.35 million.

GMA Network’s production cost in 2019 slightly declined 0.7% to P6.44 billion, while general and administrative expenses increased 14.7% to P6.33 billion.

The company said the coronavirus outbreak had no impact on its financial position and performance last year.

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For this year, the group said there had been “imminent threat to the health and safety of the group’s talents and employees and unavoidable disruption in operations brought about by necessary containment measures mandated by the government.”

It added that sustained operational disruptions may negatively impact the network’s financial targets for the year.

It said the crisis “may have a material impact” on its financial results for 2020 and “even periods thereafter.”

On Tuesday, shares in GMA Network went up 0.78% to close at P5.14 apiece. — A. L. Balinbin

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