Philippines’ broadcast giant, GMA Network, closed a slow Q1 with combined ad/sales revenues of Ps4,016 million/US$72.5 million compared to last year’s Ps5,862 million/US$106 million.

The company blamed the drop on the absence of political advertising, which added almost Ps1.5 billion/US$27 million to last year’s Q1 numbers.

GMA’s advertising revenues for the first three months of this year were down Ps1,846 million (31%) to Ps3,697 million. 

GMA noted “not much” positive development at home and abroad, which resulted in recurring sales dip of 10%.  

Net income for the quarter was Ps603.57 million/US$11 million, a drop of 72% from the same quarter last year. 

EBITDA was Ps1,219.58 million – down 62%.