(Quezon City, Philippines) – GMA Network is pulling all stops to secure its dominant position in the broadcast industry, according to the Company’s Chairman and CEO Felipe L. Gozon.
In his report during the company’s annual stockholders’ meeting on May 20 (Wednesday), Gozon announced that, despite strategic efforts to manage costs last year, they remained committed in ensuring their competitiveness.
“Thanks to a thorough review of our business needs vis-a-vis our capabilities, and the industry situation as a whole, all transmitter and other upgrades that were already in the pipeline were still implemented despite our belt-tightening,” he said.
Moreover, the Network continued to enhance its capacity to produce content in high definition in relation to the eventual shift from analog to digital TV.
“Our bigger studios in our Quezon City headquarters were also upgraded to high definition. Likewise, all our OB van facilities have been wired with new broadcast peripherals and are now capable of multi-format including HD recording,” Gozon said.
In relation to the Network’s financial performance, Gozon assured stockholders that the company’s fundamentals remain “sound and good.”
GMA ended 2014 with an EBITDA of P2.925 billion while consolidated net income settled at P1.010 billion primarily due to the absence of political ads.
Meanwhile, other business units and subsidiaries of the Network posted positive results, recording total revenues of P1.304 billion or 7 percent higher compared to 2013.
For 2015, Gozon affirmed that the company is focused on growing and strengthening the business. “We are ready to move forward, armed with our plans to further expand or improve all areas of our business,” he said noting on strong indications that 2015 will be a much better year for the company.
“To be sure, our net income for the first quarter of 2015 was already 25 percent more than our net income in the first quarter of 2014,” announced Gozon.
The Network previously reported that revenues for the first three months improved by 5 percent to P3.006 billion mainly on higher airtime sales from Channel 7, GMA News TV and GMA Radio.
Operating expenses slightly went up by 3 percent to P2.432 billion while EBITDA (earnings before interest, taxes, depreciation and amortization) settled at P986 million, up 20 percent from last year.
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