GMA net income up 246 % in January-March

MANILA, Philippines — Media giant GMA Network Inc. recorded significantly higher net income in the first quarter on the back of strong revenues and reduction in corporate income taxes.

GMA’s net income during the three-month period surged 246 percent to P2.02 billion from P583 million in the first quarter last year.

Apart from hefty gains from operations, GMA said the increase was further accentuated by the reduction in corporate income taxes from 30 to 25 percent following the implementation of the CREATE Law.

Consolidated revenues in the first quarter jumped by 55 percent year-on-year to P5.46 billion as operations of the company, particularly its core business in media, remained unhampered despite the protracted community quarantine brought about by the pandemic.

GMA said the presence of new revenue streams such as the sale of digital set-up boxes and digital TV mobile receivers/dongles further added to its top-line growth.

Advertising revenues, however, remained the lifeblood of the company with a 93 percent share of the total consolidated revenue pie.

Consolidated advertising revenues amounted to P5.1 billion, while consumer sales stood at P361.4 million.

“Coming from a banner financial year in 2020, GMA Network and subsidiaries ushered in the first quarter of 2021 with great zeal and enthusiasm,” it said.

“GMA continues its service to the Filipino people in its delivery of responsible, unbiased, timely and accurate news and information. Even with restrictions on mass gatherings, the company has exerted efforts to produce fresh entertainment programs on a limited scale, keeping in mind the safety of its production people and adherence to government protocols, while at the same time generating value to its stakeholders,” the company said.