GMA Network Is Debt-Free Boasts CEO Gozon
GMA FREE OF OBLIGATIONS – During GMA’s annual stockholders meeting, GMA Chairman and CEO Felipe L. Gozon proudly said the network was debt-free.
According to Gozon, GMA was heavily hit with by the coronavirus pandemic. He said the company’s top line lowered by 7% to P3.5 billion. Meanwhile, its net income was brought down by 19% to P583 million in the first quarter of the year.
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However, despite all the set-backs caused by the coronavirus, Gozon was pleased to announce that GMA was debt-free as of the end-March 2020.
I repeat, your company is debt-free as of end-March 2020. And this demonstrates our ability to balance ratings growth with sound financials,
Based on an article GMA, the restrictions hit the network hard as business activities were halted. But, as the government eased the restriction, GMA said they were gradually getting back on track.
As per the article, Gozon stated:
In terms of our priorities, there is no major change. We just have to comply with the restrictions and conditions imposed on us.
We have not wavered on what we want to do, on the moment we are going to be able to do that you can be sure that we will pursue our plans and priorities
Additionally, the Kapuso network CEO also emphasized the importance of their employees. He ensured those working for the network that “no one will be left behind“.
Along with this, Gozon said the company has devised a system to cater those who can work from home and those who cannot. Not only that, workers were also provided with hazard pay and meals.
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