MANILA, Philippines - GMA Network Inc. said its net income plunged a 49 percent to P580 million in the first half of the year from P1.13 billion in the same period last year as revenues slipped 14 percent to P5.77 billion due to the absence of election-related advertisements.
The broadcast firm booked P744 million worth of political ad revenues last year.
Despite the decline, GMA chairman and CEO Felipe Gozon said he is confident the company could match last year’s earnings even without the non-recurring political advertisements.
The company’s net income grew three percent to P1.67 billion last year from P1.62 billion in 2012 as revenues rose seven percent to P12.95 billion from P12.08 billion.
“Our target is the same as last year or even more considering that there are no political ads this year,” he said.