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Monday, August 22, 2005
GMA Network poised to hit P1.044B net income target
LEADING broadcast company GMA Network Inc. remains on track of reaching its year-end target as it posted a net income of P1.044 billion for the first six months of 2005, 39% higher than its net profit of P752 million for the same period last year.
Gross revenues for the first six months reached P4.5 billion, an increase of 24% over last year's P3.6 billion for the same period. Revenues from both TV and radio operations posted increases in H1.
Operating expenses grew 20% to P2.07 billion due to higher production costs, salaries, and other expenses as the Network now features three primetime "super soaps" that have helped solidify GMA-7's lead in TV ratings particularly in the much coveted early primetime block.
Earnings before interest, taxes, depreciation, and amortization stood at P1.9 billion in H1, 29% higher than last year's figures.
GMA Network Chairman, President and CEO Felipe L. Gozon is optimistic that the company will finish strong this year and expects more positive results after the Network has completed its expansion projects. "Once our regional and international expansion efforts are completely in place, we expect to improve further on our performance," he said.
The GMA CEO is also confident that the Network can proceed with the much-awaited IPO by early next year.
GMA continues to lead in TV ratings in all day parts, including the highly important primetime block. For the period January to June 2005, GMA posted an average total day ratings of 18.8% against its competitor's 13.8%, based on data from AGB Philippines.
Moreover, seventeen (17) out of the top 20 programs for the first six months of 2005 were from GMA based on data from Nielsen while according to AGB data, 14 GMA programs were among the top twenty. GMA launched "Sugo" last July 4, another primetime hit which has helped maintain the Network's strong ratings performance in primetime.
GMA continues to hold on-the-ground activities in key cities across the country to increase awareness among local viewers of its top-rating programs. The Network has been showcasing its best public affairs documentaries and has been providing free medical services in major cities, among other relevant activities, that have created lasting impact among its viewers in the provinces. GMA also launched nationwide the third edition of its highly-popular reality-based "artista" search, Starstruck, last weekend which received overwhelming responses in all areas where it has been launched.
GMA's international channel, GMA Pinoy TV, was successfully launched last July 23 in San Francisco, USA. After only two days of launching the channel, GMA Pinoy TV already has thousands of subscribers in the Bay Area, which according to Comcast, the US cable carrier, broke the records for ethnic programs. GMA Pinoy TV is also available in Japan and Guam.
GMA Network is expected to begin airing programs for Channel 11 by November this year, providing an additional platform for GMA to showcase new programs and talents.
GMA Films' latest flick will be shown in major theaters nationwide soon, and the film outfit is producing a movie version of the primetime hit, Mulawin, in time for the Metro Manila Film Festival in December. (30)
For Bisaya stories from General Santos.Click here. (This section is updated every Monday)
(August 22, 2005 issue)
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