GMA Network is debt-free, says Gozon

Despite the challenges brought by the COVID-19 pandemic, broadcast giant GMA Network Inc. said Friday the company is financially sound and is free of any obligations.

During the company’s annual stockholders meeting, GMA Network Chairman and CEO Felipe L. Gozon said the company’s top line declined by 7% to P3.5 billion and its net income is lower by 19% to P583 million in the first quarter of 2020 “because of COVID-19” and the absence of election-related inflows during the period as compared to last year.

“But despite this temporary financial setbacks, I am pleased to say that your company is debt-free as of end-March 2020,” Gozon said.

“I repeat, your company is debt-free as of end-March 2020. And this demonstrates our ability to balance ratings growth with sound financials,” he added.

The GMA Network chair said the company is suffering setbacks in revenues that went along with the closure of some business activities, lack of transportation, quarantine restrictions and lockdowns.

But as restrictions begin to ease, he said GMA Network is gradually resuming its regular programming.

“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,” Gozon said.

Taking care of employees

Gozon said that since one of GMA Network’s core values is considering employees as “best assets,” the company has ensured that “no one will be left behind” during the challenging times.

“In line with that, we took care of them during this difficult period, particularly in the in the initial stages when there was total lack of transportation and some areas were even locked down or totally quarantined,” he said.

“So we devised a system for those who can work from home, were allowed to work from home. And those who need to work in the office, we offered shuttle transportation services. Because the cafeteria was locked down, there was no canteen, we have to provide them with meals and hazard pay,” Gozon added.

Meanwhile, employees who cannot work from home as well as cannot work in the office were asked to take sick leaves and vacation leaves in advance.

“For those who cannot take vacation leaves and sick leaves, we gave them cash advances to tide them over the difficult times,” Gozon said.

“Nobody was left behind that is the meaning of walang iwanan,” he said. —KBK, GMA News