- ABS-CBN’s net income flies upward in the Q1 of 2018.
- GMA Network decreased net income in the first quarter of the year.
ABS-CBN Broadcasting Corporation stays ahead of competitor GMA Network in terms of net income for the first quarter of 2018.
In the company’s disclosure, ABS-CBN reported an increase of 31% in their net income. From the 314 million net income in the first quarter of 2017, ABS-CBN registered a net income of 411 million in the first quarter of this year.
ABS-CBN attributed its net income increase to its lower operational expenses. The company reported a 4.3% decrease in their direct cost and expenses which amounted to 8.77 billion compared to last year’s 9.17 billion. Cost of production also declined by 0.96% or 0.29 billion pesos from 3.11 billion to P3.08 billion.
Meanwhile, GMA Network reported a decline in their net income for the first quarter of this year.
In their stock holder’s meeting, GMA Network Chairman and CEO Felipe Gozon reported a 49% decrease of their net income compared to same period last year.
“The first quarter, we were behind by something like P400 million. It is because the big advertisers, unlike in 2017, did not go into the market right away. In short, they waited,” he said.
The Kapuso network pegged their 2018 first-quarter net income to 426.3 million, 415.6Php million down from the first quarter of 2017’s 841.9Php million.
“The management, with the help of the Board, is now studying what strategies we will adapt and we have up to June this year to come up with the strategies that we think will address or keep us on top,” Gozon added.