GMA Network, Inc. saw a decrease in its attributable net income to P3.16 billion last year, mainly due to lower advertising revenue.
The company’s net income attributable to parent fell by 42.1% to P3.16 billion last year from P5.46 billion in 2022, the company’s financial statement showed.
The network’s revenues stood at P18.64 billion, 13.5% lower than the P21.56 billion recorded previously.
Of its top line, the network’s advertising revenue declined to P17.18 billion, marking a 15.1% decrease from the P20.23 billion in 2022; sales of services revenue went up to P1.14 billion from P992.77 million a year earlier, while sales of goods contracted by 8.6% to P311.62 million from P340.87 million.
“GMA Network and subsidiaries made a last-ditch effort to close the gap in the top line for the year 2023, with a stronger performance in the second half of the year, which partly mitigated the slow start during the first semester,” the company said.
“However, the absence of a little over P3-billion worth of political advocacies and advertisements made a huge dent on the company’s top line,” it added.
It noted that online and digital licensing managed to mitigate the lack of election-related placements. “These revenue sources saw considerable improvements in 2023, which were crucial in addressing the challenges faced by the traditional advertising segment of the company,” the company said.
The company’s total expenses declined to P14.59 billion, 1.2% lower than the P14.42 billion in 2022.
At the local bourse on Tuesday, shares in the company fell by four centavos or 0.45% to end at P8.85 apiece. — Ashley Erika O. Jose
