Connect with us

Hi, what are you looking for?

Economy

GMA Network sets over P20-B capex for 2021 to 2023

GMA NETWORK, Inc. has allocated more than P20 billion for capital expenditures (capex) in 2021 until 2023, it said on Wednesday.

In an e-mailed statement, the listed media company said the three-year capex budget covers the construction of a new building in Quezon City, continuing expansion of its digital terrestrial television reach, and several regional projects.

A “huge portion” of the budget is allocated for content production and post-production, it added.

GMA Network also said it plans to launch “early this year” a mobile digital TV receiver.

The product will enable viewers to watch TV “on the go for free with bonus interactive features,” it said.

The media giant had set aside a capex of P1.22 billion last year. In July, GMA Network Chairman and Chief Executive Officer Felipe L. Gozon said the network would defer 30% of its capex budget for the year due to the coronavirus pandemic.

The company saw its attributable net income for the third quarter of 2020 jump 199.62% to P2.49 billion from the previous year’s P832.64 million.

The network’s third quarter revenues grew 37.20% to P5.91 billion.

GMA Network currently offers a variety of content through its digital channels aside from its programs on GMA-7 and GMA News TV.

“Further diversifying its programming, GMA is the new home of the National Collegiate Athletic Association (NCAA) for Season 96 to 101 — including the centennial year of the Philippines’ first athletic league in 2024,” the network also said.

GMA Network shares on Wednesday closed 2.18% lower at P5.82 apiece. — Arjay L. Balinbin

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

THE INTERNATIONAL Monetary Fund (IMF) said macroeconomic policy support and reforms may help diminish the pandemic’s scarring effect on the Philippine economy. “Some economic...

Economy

The country’s retirement income system is based on a small basic pension and an earnings-related Social Security System. — PHILIPPINE STAR/ MICHAEL VARCAS THE...

Economy

Global oil prices have spiked in recent weeks due to lack of supply and strong demand as more countries reopened. — PHILIPPINE STAR/ MICHAEL...

Economy

A Filipino uses a mobile phone in Parañaque, Aug. 7, 2018. — REUTERS/ERIK DE CASTRO DIGITAL TRANSFORMATION is estimated to create up to P5...

Economy

By Angelica Y. Yang, Reporter SN Aboitiz Power (SNAP) said the global health emergency had pushed back the timeline of its planned Alimit hydropower...

Economy

AYALA-LED AC Energy Corp. is moving to fully acquire ownership of renewable energy (RE) platform UPCAC Renewables Australia, after announcing that its management has...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

Pfizer Inc on Wednesday raised its 2021 sales forecast for its COVID-19 vaccine by 29% to $33.5 billion, and said it believes people will...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!