GMA Network sees 50% income growth this year

MANILA, Philippines - Broadcasting firm GMA Network Inc. expects it net earnings to grow by at least 50 percent this year from last year given the first semester result and revenues from election related advertisements.

Citing the company’s positive financial performance from January to June, GMA chief financial officer Felipe Yalong said the company’s 2015 net income may exceed by at least 50 percent  last year’s net profit.

The network’s net earnings reached P1.010 billion in 2014.

GMA’s net income jumped 89 percent to P1.099 billion in the first half of the year from P582 million, a year ago.

The network’s higher net income was driven by higher revenues for the first semester.

Revenues during the six-month period rose 15 percent to P6.653 billion from a year ago’s P5.766 billion.

Airtime revenues for the first semester reached P6.069 billion, an 18 percent improvement from the P5.142 billion a year ago

“In the first semester alone, we have not only breached the P1 billion mark in terms of net income but have also exceeded last year’s full year bottom-line performance by at least P89 million. We are optimistic the rest of 2015 will also bring positive results for our company,” GMA chairman and chief executive officer Felipe Gozon said.

With elections being held next year, Yalong said the company also expects to generate revenues from political advertisements.