GMA Network earns an all-time high P3.65 B in 2016

MANILA, Philippines - Net earnings of GMA Network Inc. hit an all-time high in 2016 supported by strong revenue growth.

In a filing to the Philippine Stock Exchange, the listed broadcast firm said its net income reached P3.65 billion last year, up 72 percent from the P2.13 billion in 2015.

GMA attributed the all-time high net profit result to the consolidated revenue performance last year which reached P16.67 billion, a 21 percent uptick from P13.73 billion in 2015.

“The boost from the national elections held during the first half of the year coupled by the upbeat turnout from regular advertising placements buoyed the company’s top line for the 12-month period ended Dec. 31,” it said.

Airtime revenues rose 22 percent to P15.13 billion last year from P12.38 billion in 2015.

“The resurgence of the network as the leader in terms of nationwide TV ratings buoyed revenues from regular advertising placements,” GMA said.

Citing Nielsen’s 2016 National Urban Television Audience Measurement, GMA said it was ahead the other TV networks in total day ratings through its 36.3 percent audience share compared to ABS-CBN Corp.’s 36.2 percent and TV5’s 7.8 percent.

Revenue from production and other sources rose 15 percent to P1.54 billion last year from P1.35 billion in 2015.

GMA’s operating expenses, meanwhile, climbed seven percent to P11.53 billion last year from P10.75 billion in 2015.

While GMA’s net earnings reached unprecedented levels last year, GMA chairman and chief executive officer Felipe Gozon said he remains confident the firm would post positive results this year. “Even without political advertisements this year, we are expecting GMA’s financial performance to be even better than last year,” he said.