GMA Network Inc. is seen posting a net income of “below P2.8 billion” by year end, its chairman said on Wednesday.
If achieved, the broadcasting firm will book a higher profit than last year’s P1.715 billion.
“Our profit will be below P2.8 billion, definitely higher than last year because we are doing very well this year,” said GMA Chairman Felipe Gozon in an interview during the TV network’s digital trade launch.
For next year, he said GMA will post a double-digit growth.
Gozon earlier said GMA will make an easy P2.3 billion this year. For the first nine months of the year, GMA’s net income increased by 0.4 percent to P1.59 billion with revenues reaching P10.61 billion.
In the third quarter, GMA’s net income went up 9 percent to P573 million from P525 million in the same period a year ago. The increase was driven by growth in airtime revenues, which exceeded last year’s figure by 14 percent or P443 million to P3.53 billion.
Given the encouraging third-quarter figures, GMA is optimistic that the fourth quarter will bring even better financial results with the advent of political ad bookings.