PSE:GMA7 Profits Soar to 127.61% in the FY2020
The GMA Network without doubt benefited financially due to the shutdown of rival ABS-CBN. According to GMA Network Management, the closure of the biggest rival ABS-CBN contributed to the increase in sales as a result of the shift in some advertising placements.
The Kapuso Network's net income surged by 127.61% to 6.00 billion in the fiscal year 2020 from 2.64 billion in 2019, AFS submitted to the Philippine Stock Exchange showed. PSE:GMA reaped a 17.25% increase in advertising revenues to P19.34 billion from 16.49 billion a year ago and it also trimmed operating expenses by 46.36% to 3.45 billion in 2020 compared to a whopping 6.44 billion last year, which helped boost its bottom line.
On March 26, 2021 the PSE:GMA7 Board of Directors declared a hefty cash dividend of P 1.35 a share. Please read the full details here.
DISCLAIMER: I'm not a Certified Financial Planner. Published herein is my personal opinion and should not be construed as a recommendation, an offer, or solicitation for the subscription, purchase or sale of any securities.
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PHP: Friday, 30th day of April 2021, Philippines.