The first cash dividend payment was last May wherein the company paid cash dividends of P0.45 per share amounting to P1.7 billion.
The GMA Network board had approved cash dividends on Oct. 28. GMA chairman Felipe Gozon said the special dividend which is a little over P1.2 billion and is payable on Dec. 8 with record date on Nov. 17.
Meanwhile, the firm’s board also elected Gilberto Duavit Jr. as the company’s new president and chief operating officer during a meeting held recently at the Network’s headquarters in Quezon City.
With Duavit’s election as president, Felipe Gozon will remain GMA Network’s chairman and chief executive officer.
With Gozon, Duavit is also credited for GMA Network’s phenomenal rise to the top as the broadcast industry’s leader in both TV ratings and profit. He has been at the forefront of the company’s expansion projects.
Prior to his new post, Duavit was GMA Network’s executive vice president and chief operating officer since the year 2000.
He is currently the chairman of the company’s Executive Committee and has been a member of GMA Network’s board since 1999.
Earlier, GMA Network reported a net income of P2.27 billion in the first nine months of 2010, up by 6 percent over the same period in 2009. Danessa O. Rivera
The Daily Tribune
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