GMA Network Inc. (GMA) recorded a strong 148 percent surge in its net income to P1.013 billion during the first quarter of the year and will distribute a P0.40 per share dividend later this month, the company said in a disclosure to the Philippine Stock Exchange.
GMA’s chairman and chief executive officer (CEO) Felipe L. Gozon said the broadcast network expects to see more upward movement in its financial performance throughout the year.
“We expect our company’s financial performance to continue to trend upward,” said Gozon.
The robust growth the TV network saw during the first quarter of the year was attributed to the significant growth in advertising revenues.
“We are pleased with the results of the first quarter and we hope to further improve the growth, particularly in regular advertising.”
Consolidated revenues from all platforms climbed 30 percent to P3.903 billion driven by higher airtime sales, which grew 32 percent to P3.571 billion by the end of the quarter.
Total operating expenses (OPEX) for the first three months slightly went up by 2 percent to P2.470 billion with production costs and general and administrative expenses increasing by only 1 percent and 3 percent, respectively.
EBITDA stood at P1.838 billion, up 86 percent from the same period last year.
GMA will pay out cash dividends to its shareholders worth P1.944 billion at P0.40 per share on May 16.
Meanwhile GMA also reported that it is the network of choice among viewers in National Urban Television Audience Measurement (NUTAM) with 36.53 percent household shares, higher than ABS-CBN’s 36.49 percent and TV5’s 8.06 percent in the first quarter based on Nielsen TV Audience Measurement data.
The network said it secured the biggest share in advertising loading (inclusive of political ads) among free-to-air channels during the covered period with 35 percent, while its closest rival, ABS-CBN got 28 percent. Without political ads, GMA still had the largest share with 36 percent versus ABS-CBN’s 29 percent.
For 2016, the Network’s capital expenditures (CAPEX) were pegged at P550 million, including multi-million investments for mounting the coverage of the upcoming presidential elections. The amount, however, excludes the budget for the Network’s digital terrestrial television (DTT) rollout.