GMA Network Inc. said Tuesday net income jumped 246 percent in the first quarter from a year ago, on the back of higher advertising revenues.
The leading broadcast network said net income amounted to P2.01 billion from January to March, up from P583 million in the same period last year. First-quarter consolidated revenues grew 55 percent to P5.45 billion.
“Despite the protracted community quarantine brought about by the COVID-19 pandemic, the operations of the company, particularly its core business in media, remained unhampered,” GMA said.
The company said that in the first three months, consolidated advertising revenues soared to P5.09 billion, overtaking last year’s figure by 57 percent. “All airtime-revenue generating platforms yielded upbeat sales results versus same period last year. Sale of goods also contributed to the healthy top line of the company, owing to the successful launch of GMA Affordabox in the middle of last year and GMA Now towards year-end,” the network said.