MANILA, Philippines — Television broadcast giant GMA Network Inc. saw earnings more than triple in the first quarter of 2021 as advertising sales surged and spending was kept in check.
Amid the economic slowdown triggered by the COVID-19 pandemic, GMA saw a strong recovery from the post-election slowdown last year and the absence of its main competitor ABS-CBN Corp., whose broadcast business was shut down by the Duterte administration last year.
It also benefited from tax cuts under the Corporate Recovery and Tax Incentives for Enterprises Act.
From January to March this year, GMA said net income surged higher by 246 percent to P2.02 billion while total revenues jump…
Keep on reading: GMA Network profit triples in Q1 2021