BROADCAST company GMA Network, Inc. saw its attributable net income surge 98.1% to P1.6 billion in the second quarter of the year, as revenues from advertising and sale of goods and services remained at high levels.
Total revenues for the quarter climbed 59.4% to P5.1 billion, the company’s second-quarter results showed.
GMA Network’s total expenses for the second quarter also increased 55% to P3.1 billion.
For the first half of the year, the company saw its net income attributable to the parent equity holder jump 157.1% to P3.6 billion.
Total revenues for the first six months grew 55.9% to P10.6 billion.
The company’s expenses for the first half went up 25.5% to P5.9 billion.
“The presence of new revenue streams such as the sale of digital setup boxes (GMA Affordabox) and digital TV mobile receivers/dongles (GMA Now) further added to this year’s topline growth,” GMA Network said.
“Advertising revenues remained the lifeblood of the company with a 93% share of the total consolidated revenue pie,” it added.
GMA Network shares closed 5.69% lower at P13.58 apiece on Tuesday. — Arjay L. Balinbin