BROADCAST giant GMA Network Inc. said Monday its net income for the first half of the year fell 35 percent from a year earlier due to the absence of political ads that boosted its revenues in 2016.
The company told the stock exchange that its net income dropped to P1.55 billion in the first half from P2.38 billion in the same period last year.
It said political ads contributed some P1.49 billion to revenues in the first half of last year.
Earnings before interest, taxes, depreciation and amortization (Ebitda) fell 29 percent to P2.96 billion from P4.18 billion in 2016.
Nonetheless, GMA Network Chairman and Chief Executive Officer Felipe L. Gozon said the company remains cautiously optimistic about hitting its net income target of P3.9 billion this year.
“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 primetime block, as well as other business opportunities that are expected to unfold within the year,” he said.
Meanwhile, based on data from Nielsen TV Audience Measurement, GMA-7 ended the first half of the year with an average people audience share of 42.2 percent in NUTAM (National Urban Television Audience Measurement).
The company said its business unit, GMA International, which manages the distribution and operation of the network’s international channels, posted revenue growth of 9 percent driven by revenue from subscription/licensing and advertising.
International channels GMA Pinoy TV and GMA Life TV recorded subscriber growth of 2 percent and 6 percent, respectively, while GMA News TV International reported a double-digit growth in subscribers of 24 percent.