GMA Network Inc. saw a 49-percent drop in net income in the first half of 2024 on advertising revenues.
The broadcasting company posted a net income of P602 million from January to June, down from P1.18 billion in the same period last year.
GMA’s profit fell 26.7 percent in the second quarter to P566.73 million from P774.03 million a year ago.
Consolidated revenues amounted to P7.77 billion, down by 8 percent from last year’s top line of P8.46 billion.
Advertising revenues amounted to P7.14 billion, down by 8 percent from P7.75 billion last year, while sales of goods also saw a 40-percent decline to P115.58 million. These decreases were slightly offset by a modest improvement in service sales, which rose 0.2 percent to P513.69 million.
“Airtime revenues remained challenged with the changing landscape in viewer and advertiser behavior as major factors. With this, the company has ensured that it is keeping pace with these developments and has continuously made progress in positioning itself in the digital/online arena,” GMA Network said.
