GMA 7 earnings recover in 3rd quarter
Broadcast giant GMA Network (GMA) expects earnings to improve next year due to the influx of political ads in the run-up to the 2016 elections, even as earnings this year is seen to be lower than that of 2013.
In a press briefing, GMA Chairman Felipe Gozon said lower earnings this year is due to the slow generation of revenues in the first semester due to the absence of political ads.
GMA reported a net income of 422 million in the third quarter of 2014, up 20 percent from the 353 million earned in the same period last year.
Consolidated revenues stood at 3.14 billion, representing a 4 percent improvement over the 3.03 billion generated in the third quarter of 2013.
Both airtime revenues and gross earnings from other businesses posted positive results and contributed to the increase in the topline.
GMA Channel 7 grew its sales by 2 percent, while GMA News TV, the country’s number one news channel, hiked up its earnings by 13 percent. GMA Radio registered a 34 percent surge in sales on account of its stronger listenership.
Meanwhile, revenues from other businesses led by GMA International, the business unit that manages the operations and distribution of the Network’s three international channels, rose 4 percent compared to the third quarter last year.
“The third quarter was a promising period for GMA with both our revenues and ratings on the uptrend. We are hoping to sustain this performance until the end of the year as we remain committed to offering superior programs across all genres and platforms,” said Gozon.
GMA International continues to reach out to more Filipino households abroad. Subscribers for GMA’s international channels GMA Pinoy TV and GMA Life TV grew by 5 percent and 9 percent, respectively.
GMA Worldwide, a wholly owned subsidiary that acquires foreign programs for GMA and syndicates its programs to the international market, sold 718 worth of program hours from 17 titles in the third quarter for telecast in Vietnam, Cambodia, Malaysia, Brunei, Singapore, Cambodia and Nigeria.