GMA chairman Felipe Gozon did the traditional ringing of the bell on the trading floor of the Philippine Stock Exchange Tuesday to celebrate the network’s fifth year of going public.

 

“Anniversaries always remind you that you should be prepared to improve on what you have been doing in the past and meet the challenges that the future will bring to you,” Gozon said on the sidelines of the event.

 

The price of shares from GMA has increased to P10.28 per share this year from P8.5 when it first listed in the bourse in 2007.

"The network’s market capitalization increased to P34.55 billion at P10.28 per share this year, from an initial P182 million primary shares at P8.50 per share when it first listed," PSE chairman Jose Pardo said.

 

Felipe Yalong, executive vice president of the network, said the company received P1.5 billion in its first listing which was used to expand the network’s capital expenditures.

 

“If you look at the performance of the market, it’s similar to the performance of the economy,” Yalong said.

 

Close to 20 percent of the network’s equity is traded on the PSE, said Yalong, who is also the network's chief financial officer. 

 

Earnings on track

 

Gozon noted that GMA's corporate earnings outlook remains “on track" at P2.8 billion to P3 billion this year.

 

“Beginning June, we have been exceeding our target,” he said.

 

He attributed the network’s performance to the upcoming mid-term elections next year.

 

“Every election year is better for TV, because the candidates already know that the best way to campaign is through television,” Gozon added. — Marc Jayson Cayabyab/VS, GMA News