GMA Network Inc. saw its first quarter profit decline by 19% to P583.4 million in the absence of political ads.
Consolidated revenues fell 7% to P3.52 billion. Of the total, P3.25 billion came from advertising revenues.
“It must be noted though that last year also benefited from the influx of political advocacies and advertisements in light of the 2019 mid-term elections.Hence, it was the impact of the latter which contributed the drag to the company’s top line this period more than the effect of the novel coronavirus 2019 disease towards the tail end of this first quarter,” GMA said.
Online advertising sales grew 39% particularly from GMA News Online and GMA Entertainment Online as well as the network’s YouTube channels.
Consolidated operating expenses went down 4% to P2.69 billon. Production costs and talent fees likewise decreased 17% to P1.22 billion.
Source: Peso Economics
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