Friday, 14 August 2009

GMA Network nets P1.14 B in H1, up 20%

Manila Bulletin

GMA Network Inc. is confident of hitting and even exceeding its 2009 net income target of P2.8 billion after reporting a 20 percent jump in bottomline to P1.36 billion in the first half of the year from the P1.14 billion in 2008.

In a press briefing Thursday, GMA chief financial officer Felipe Yalong noted that the second half is normally stronger than the first half with about 55 percent of earnings coming in the second semester.

GMA said its net income grew despite a volatile business environment that saw a contraction in the ad spend of major advertisers.

Gross revenues for the first six months went up by 8 percent to P6.34 billion as airtime revenues from TV and Radio contributed P5.8 billion, or a 92 percent share in the gross revenue pie.

The remaining P537 million came from subscription fees of International operations and from other revenue generating activities of subsidiaries.

Second quarter gross revenues settled at P3.68 billion, higher by 11 percent versus last year. Net income for the second quarter went up by 26 percent to P860 million.

Q Channel 11’s airtime revenues climbed 13 percent to P214 million, while airtime revenues from Radio operations likewise increased by 13 percent to P160 million.

On the other hand, subscription revenues for GMA International jumped 59 percent over last year. Apart from the steady growth in subscriber count from its main channel, GMA Pinoy TV (GPTV), the launch of its second channel GMA Life TV (GLTV) contributed further to the revenue upswing for GMA International.

GPTV finished the first half with a steady number of over 217,000 subscribers equivalent to about 1.1 million viewers or a 21 percent increase over last year. GLTV already has over 112,000 subscribers or around 620,000 viewers worldwide, up by 180 percent over last year.

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