GMA Network Inc. reported a P3.9-billion net income for the first nine months of the year, up by 78 percent from P 2.2 billion a year ago, driven by growth in advertising revenues despite the pandemic.
Its nine-month consolidated revenues grew 4 percent to P12.7 billion from P12.2 billion in the same period last year, with the bulk coming from advertising revenues on airtime, online and international, which comprised 91 percent of the company’s revenue pie, amounting to P11.5 billion, up 2 percent versus the year ago’s P11.3 billion.
The considerable increase in TV advertising, particularly during the third quarter, propelled the growth in airtime sales and wiped out the setback in the second quarter during the height of the pandemic, GMA said.
It added the shutdown of rival network ABS-CBN Corp. has contributed to the increase in sales due to the shift in some advertising placement.
This development partly counterbalanced the general reduction in sales brought about by the slowdown in economic activities due to the pandemic and enhanced community quarantine, GMA said.