<\/p>\n
GMA NETWORK, INC.\u2019S attributable net income plunged 87% to P102.47 million in the primary quarter from a 12 months earlier, as lower promoting revenue weighed on earnings.<\/p>\n
In a disclosure on Thursday, the broadcaster said gross revenue declined 30% to P3.26 billion.<\/p>\n
Promoting revenue dropped 31% to P2.98 billion, mainly because of the absence of political ads that boosted earnings during last 12 months\u2019s election-related spending cycle. Consumer sales, nonetheless, rose 14% to P381.08 million.<\/p>\n
Gross expenses fell 9% to P3.32 billion. Production and direct costs declined 6% to P1.88 billion, while general and administrative expenses dropped 13% to P1.45 billion.<\/p>\n
Individually, GMA said the Makati Regional Trial Court Branch 138 denied its petition looking for to nullify a Securities and Exchange Commission (SEC) rule imposing a nine-year term limit on independent directors of listed corporations.<\/p>\n
The court said the corporate failed to point out sufficient evidence of actual or impending injury from the rule.<\/p>\n
GMA said the court noted that the corporate may keep its independent directors until its annual stockholders\u2019 meeting without penalty and wouldn’t suffer irreparable harm from the SEC order.<\/p>\n
\u201cThe foregoing incident has no impact on the corporate\u2019s financial condition or business operations,\u201d it said.<\/p>\n
The broadcaster earlier sought to postpone its annual stockholders\u2019 meeting to December to handle the implications of the SEC rule, however the regulator denied the request last week.<\/p>\n
SEC Memorandum Circular No. 7, signed by SEC Chairman Francisco Ed. Lim in January, limits independent directors of listed corporations to a cumulative term of nine years, including service rendered since 2012.<\/p>\n
GMA shares rose 1.18% or 6 centavos to shut at P5.14 each. \u2014 Ashley Erika O. Jose<\/b><\/p>\n<\/p><\/div>\n
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GMANETWORK.COM GMA NETWORK, INC.\u2019S attributable net income plunged 87% to P102.47 million in the primary quarter from a 12 months earlier, as lower promoting revenue weighed on earnings. In a disclosure on Thursday, the broadcaster said gross revenue declined 30% to P3.26 billion. Promoting revenue dropped 31% to P2.98 billion, mainly because of the absence […]<\/p>\n","protected":false},"author":1,"featured_media":336310,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[2525,30978,2200,953,138,14254],"class_list":["post-336309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-drops","tag-gma","tag-network","tag-profit","tag-revenue","tag-weaker"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts\/336309","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/comments?post=336309"}],"version-history":[{"count":2,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts\/336309\/revisions"}],"predecessor-version":[{"id":336312,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts\/336309\/revisions\/336312"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/media\/336310"}],"wp:attachment":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/media?parent=336309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/categories?post=336309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/tags?post=336309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}