GMA Network profit down 35% in 2024 on weak ad revenues

GMA Network

MANILA, Philippines — GMA Network Inc., the dominant free TV player, ended 2024 with a 35-percent drop in its bottom line because of weaker advertising revenues.

In its latest disclosure, the listed media company reported that net income fell to P2.07 billion last year from P3.17 billion in 2023.

Advertising revenues, which comprise 92 percent of the top-line figures, fell by 5 percent to P16.24 billion last year.

Total revenues also slid by 6 percent to P17.56 billion for the period.

Meanwhile, production costs dropped by 0.3 percent to P8.14 billion last year.

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