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Friday, August 14, 2009

GMA Network profit up 20% to P1.36 billion in first half

Broadcasting company GMA Network reported a 20-percent upsurge in its financial bottom line during the first half of 2009 as it posted a net income of P1.36 billion from P1.14 billion in the same period last year.

This despite a volatile business environment that saw a contraction in the industry ad spending of major advertisers. The company’s top 10 advertisers increased their spending by only one percent although its next 10 biggest advertisers raised their budget by 28 percent.

GMA marketing head Manuel Quioge revealed that while Unilever, which is their biggest advertiser, reduced its ad spending during the first half, it has nevertheless assured its commitment of an 18 percent growth in spending over last year will still be met.

Gross revenues for the first six months went up eight percent to P6.33 billion from P5.88 billion last year while earnings before interests, taxes, depreciation and amortization (EBITDA) rose 10 percent to P3.5 billion from P3.34 billion. Expenses were up four percent.

GMA chairman and president Felipe Gozon said he expects second half net income to be 20 percent higher than the same period last year, on account of higher ad spending especially those coming from political ads, as well as the reduction in the corporate income tax rate.

For his part, GMA chief financial officer Felipe Yalong said the network is on track towards reaching its net income target for the year. “We expect to hit and even exceed our yearend target net profit of P2.8 billion given the fact that the second half performance is usually stronger than the first,” he pointed out. Traditionally, the first half accounts for about 45 percent of sales and the second half, 55 percent.

Officials said by the end of the third quarter this year, they would have already exceeded the whole of last year, especially since ad spending during the third quarter is the highest during any year.

Airtime revenues from television and radio during the first half contributed P5.79 billion, or 92 percent of total, while the remaining P537 million came from subscription fees of international operations and from other subsidiaries. Revenues from international operations increased 59 percent to P415 million while those from subsidiaries were up 18 percent to P122 million.

Company officials reported that apart from the steady growth in subscribers of its main international channel GMA Pinoy TV (GPTV), the launch of its second channel GMA Life TV (GLTV) contributed further to the revenue upswing of GMA international.

GMA executive vice president and COO Jimmy Duavit said they expect GPTV’s subscriber base to increase from 217,000 to 280,000 and that of GLTV, from 112,000 to 150,000 by yearend. GPTV and GTV are now available in the US, Canada, Europe, Middle East, North Africa, Australia, New Zealand, among others.

Meanwhile, GMA Worldwide Inc. has syndicated locally made programs to as far as Africa, Alaska and the United Kingdom.

Revenues during the second quarter were at P3.68 billion, 11 percent higher than the P3.3 billion posted in the same period last year while net income rose 26 percent to P860 million from P684 million during the April-June 2008 period. EBITDA in the second quarter was 15 percent higher at P1.44 billion.

Q Channel 11’s airtime revenues rose 13 percent to P214 million during the Jan.-June 2009 period while revenues from radio operations were up 13 percent to P160 million.

Gozon said QTV’s losses could be cut down to around P80 million this year as against a loss of P350 million the previous year. During the first half, it posted revenues of P400 million and losses of P33 million.

GMA also reported that it remained ahead in viewer-rich Mega Manila and Total Urban Luzon based on data from AGB Nielsen Philippines in June. It said it continued to dominate Mega Manila with an average audience share of 40.3 percent. Mega Manila TV households now account for 49.3 percent of National Urban Television Audience Measurement (NUTAM).




Anonymous Anonymous said...

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5:00 PM  

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