GMA Network spending drops

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    GMA Network Inc. yesterday said its net income grew 4 percent to P1.408 billion in first half this year from last year’s P1.356 billion due to significant decline in spending during the period.

    In a regulatory filing, GMA said its consolidated revenues down by 15 percent to P6.8 billion in the first half this year from P7.9 billion in the same period last year due to general slump in economic activities coupled with the absence of election-related placements this year.

    The company’s total consolidated operating expenses from January to June this year was down by 21 percent to P4.7 billion as contraction in production and other direct cost has declined by 42 percent practically accounted for the overall decline in spending.