GMA Network Inc. said Tuesday its net income retreated 42 percent in 2023 from a year ago in the absence of political advertisements.
The broadcast network said net income amounted to P3.16 billion last year, down from P5.45 billion in 2022. Consolidated revenues went down to P18.63 billion from P21.56 billion in 2022, which was heavily boosted by the presence of political advocacies and advertisements coming from the 2022 national and local elections.
“The absence of a little over P3 billion worth of political advocacies and advertisements made a huge dent on the company’s top line,” GMA said.
It said that on a per platform basis, flagship channel GMA 7 was the hardest hit due to the absence of election-related placements. Merchandise sales which generated annual sales of P312 million in 2023 went down from P341 million in 2022.