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Monday, August 18, 2008

GMA Network 1st Half 2008 net income up 2%

GMA Network 1st Half 2008 net income up 2%

Broadcasting firm GMA Network Inc. posted a net income of P1.137 billion during the first six months of 2008, two percent higher than its net income of P1.118 billion during the same period in 2007.

The network’s consolidated gross revenues increased by four percent to P5.883 billion.

The company said airtime revenues from television and radio went up by three percent, despite the absence of political ads, which amounted to P530 million in 2007.

The company said it was expecting a better second half, with July off to a good start. On a parent level alone, gross revenues for July hit P1.2 billion or a 17.5 percent increase, while net income reached P263.5 million, a 32.3 percent jump over the same month last year.

Company executive vice president and chief operating officer Gilberto Duavit said he is confident that net income would post a double-digit growth for the whole of 2008, as its July performance sets the stage for a strong second half.

Q11, the Network’s sister channel, had a 72 percent increase in gross revenues, while revenues from international operations and other sources went up by 14 percent. As of June 2008, GMA’s international channels already have around 179,000 subscribers worldwide.

Earnings before interests, taxes, amortization, and depreciation (EBITDA) went down by three percent from P2.187 billion to P2.117 billion due to higher cash operating expenses.

Total operating cost grew by six percent versus the same period last year.

In terms of advertising minutes, GMA grew by 15.3 percent in the first half, reversing the 6.5 percent decline in the same period last year.

The company spent P304 million in capital expenditures in the first half, out of its targeted P1.26 billion investment for the whole year. Its programmed capex include upgrading the signal for TV 7 Naga, General Santos, TV 7 Cebu and other cities while preparing for the inauguration of two studios in its annex building in Quezon City.

Philippine News and Current Event

JoKer DeTor
Showbiz Top i-News

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