The Kapuso network’s profit for the 1st quarter of 2021 surged to almost 2 billion pesos amidst the continuing shutdown of its archival ABS-CBN on free TV.
In their latest disclosure, GMA Network reported a big leap in their profit climbing 248% against their 547 million in the same period last year.
The Network’s increase in profit was mainly propelled by the surge in ad placements due to the absence of ABS-CBN and also tax cuts.
Kapuso network’s ad revenue which accounted for 93% of its profit jumped 57% to 5 billion compared to last year’s 1.8 billion. Its total revenues from all its businesses meanwhile increased by 55% to 5.5 billion compared to the same period a year ago.
Aside from its TV business, GMA Network’s profit growth was also contributed by the 90% hike in its radio business, again benefitting from the shutdown of ABS-CBN’s DZMM and MOR.
The Network’s subsidiary GMA News TV’s rebranding to GTV (Good TV) which resulted in a revenue increase of 244% and its regional TV business posting 150% growth were also important factors in the network’s profit surge.
Revenues from their online media platforms also boosted their profit as it managed to post 41% year-over-year growth.
And their digital TV box receiver Affordabox made a sale of 146.9 million from nearly 1.2 million units sold.
For the full year 2020, the network reported a net profit of 6 billion pesos, up by 128% from the previous year.