GMA Netwok Inc. on Wednesday reported a net income of P1.35 billion in the first half of the year, up 10 percent from P1.23 billion year-on-year.
The broadcasting network posted consolidated revenues of P7.91 billion, a 7 percent increase year-on-year.
“Main driver for the top-line growth was the presence of political advocacies and advertisements aggregating to about three-fourths of a billion pesos until May this year,” said GMA.
Without the boost from these election-related placements, year-to-date revenues from regular advertisers finished lower by 3 percent.
Advertising revenues, which included airtime revenues and online advertising, led the growth chart with an 8 percent increase to P7.26 billon from last year’s P6.7 billion.
The network’s production cost, talent fees and other direct costs which comprised 53 percent of total operating costs, rose 4 percent to P3.17 billion from a year ago.