GMA Network, Inc. saw its attributable net income drop by 34.7% to P2.07 billion in 2024, mainly because of lower promoting revenues throughout the period.
The corporate reported consolidated revenues of P17.56 billion, down 5.8% from P18.64 billion in 2023, in line with its annual report.
Breaking down its topline, promoting revenues dropped by 5.5% to P16.24 billion in 2024 from P17.18 billion in 2023. Meanwhile, sales of services declined by 1.7% to P1.12 billion from P1.14 billion, while sales of products fell by 36.1% to P199.27 million from P311.62 million.
“Promoting revenues remained the lifeblood of the Company, comprising 92% of its consolidated revenue pie. This segment saw a discount of 15% compared with the identical period last yr,” it said.
GMA Network said it continues to strengthen its presence across various platforms and is working to sustain the expansion of its online following, after ending the yr with greater than 28 million subscribers on its YouTube platform.
“Promoting revenues from this platform kept twelve-month sales in 2024 on par with the previous yr, despite stiff competition on this segment,” the corporate said.
Meanwhile, consolidated costs and expenses rose by 1.7% to P14.84 billion from P14.59 billion in 2023.
On the stock exchange on Wednesday, shares in the corporate closed unchanged at P6.29 apiece. — Ashley Erika O. Jose
