GMA Network Inc. said Monday net income jumped 72 percent in the first nine months from a year ago, on higher earnings from traditional and political advertisements.
The broadcast network said net income hit 3.11 billion in January to September, up from P1.80 billion in the same period last year.
Net income in the third quarter improved to P733.03 million from P705.80 million last year.
Consolidated revenues increased 24 percent to P12.80 billion, buoyed by the windfall from the recently concluded national and local elections and supplemented by the improvement in sales from recurring placements.
“The presence of political advocacies and advertisements equivalent to about P1.5 billion was a major factor for this year’s sterling top-line performance. Nonetheless, even without the extra-ordinary influx, consolidated sales from regular advertisers advanced from last year by more than P1 billion or 12 percent,” GMA said.
Airtime revenues continued to propel the growth with combined sales from all platforms generating P11.67 billion, ahead by 25 percent from a year ago.