Listed GMA Network Inc.'s first quarter net income dipped by nearly half, mainly in the absence of gains from political advertisements the company received from last year's mid-term elections, officials announced Monday.
In a briefing, GMA Network officials said net income declined by 46 percent to P325 million in the first three months from P601 million a year earlier.
Consolidated revenues fell 12 percent to P2.851 billion from P3.241 billion in the same comparable period.
Excluding gains from political advertisements, recurring revenues slipped by 4 percent to P2.851 billion from P2.964 billion.
Airtime revenues totaled P2.543 billion, down 5 percent from P2.673 billion.
Last year, the company saw net earnings accelerate by 3 percent to P1.667 billion in 2013 from P1.617 billion a year earlier on higher revenues from election related-advertisements and sustained sales from advertisers.