BROADCAST firm GMA Network, Inc. said its consolidated net income after tax fell 25 percent in the first nine months of the year to P2.32 billion from the P3.09 billion recorded a year ago as airtime sales dropped due to the absence of political ads this year.
In a statement issued on Friday, GMA said airtime sales from regular advertisers grew 3 percent to P342.6 million, but absolute airtime sales fell 10 percent compared to 2016, which was an election year.
Earnings before interest, taxes, depreciation and amortization (EBITDA) decreased by 21 percent to P4.49 billion.
Consolidated revenues in the period dipped 8 percent to P11.78 billion from P12.8 billion last year.
Recurring revenues recorded an increase of 4 percent to P11.8 billion, while operating expenses increased by just 2 percent to P8.6 billion.
GMA said it gathered substantial revenue growth from its international operations and other businesses which improved by 12 percent to P1.27 billion in the first three quarters.
GMA’s international operations–GMA Pinoy TV, Life TV, and News TV International–generated total revenues from subscription/licensing and advertising of P935.8 million, up 9 percent.
Its subsidiaries’ operation garnered P332.7 million revenues in the first three quarters, with the network’s digital media and technology arm, GMA New Media, Inc., recording a 57 percent year-on-year growth in revenues to P132.6 million.
Net income of GMA Worldwide increased by 81.5 percent while GMA Records saw profit jump 277 percent, the company said.