GMA Network, Inc.’s attributable net income declined by 27.7% to P5.44 billion in 2022 from P7.53 billion in the previous year amid lower revenues and high expenses.
Last year, GMA’s top line dipped by 3.9% to P21.56 billion from P22.45 billion in 2021.
Of its revenues, P19.37 billion came from advertising, P774.87 million from subscriptions, P624.34 million from digital, and P327 million from the sale of goods. Revenues from production reached P122.69 million.
Production costs reached P7.28 billion in 2022, up by 24.9% from P6 billion in the previous year. Cost of sales was lower by 27.7% to P302.14 million from P418.14 million in 2021.
The network’s gross profit in 2022 totaled P13.78 billion, which showed a 14% decline from the P16.04 billion booked in 2021.
Expenses for the company’s general and administrative needs were a bit higher at P6.64 billion in 2022, up 8% versus P6.14 billion in the previous year.
GMA, despite booking a P9 million loss due to a joint venture in 2022, recorded a P181.31-million other income, which is more than three times the P52.49 million it booked in 2021, due to a P39.93 million gain from foreign exchange.
GMA is primarily involved in the business of radio and television broadcasting. Its subsidiaries include Alta Productions Group, Inc., GMA Network Films, Inc., GMA New Media, Inc., and Citynet Network Marketing and Productions, Inc.
On Tuesday, shares in GMA slipped by P1.24 or 10.39% to P10.70 each. — Justine Irish D. Tabile