GMA, ABS-CBN report first-quarter income growth

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GMA Network Inc. on Wednesday reported a 55-percent net income increase to P603 million for the first quarter of this year, while rival ABS-CBN Corp. recorded an improvement of 66 percent to P508 million for the same period.

GMA said that the impressive year-on-year growth in both revenues and profits for the first quarter of 2013 were supported by its improved performance across key financial indicators.

“We are more than pleased with the performance of the company for the first quarter,” said the lawyer Felipe Gozon, chairman and chief executive officer of GMA.

He added that, “Such improvements validate our forecast that 2013 will be a particularly strong year for GMA. Our sales continue to grow at a steady pace and we look forward to
the future with optimism.”

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The broadcasting firm said that, consolidated revenues for the first quarter posted a 24-percent increase to P3.241 billion. Sales from radio operations grew 27 percent as a result of DZBB and LSFM maintaining their competitive positions in Mega Manila, thereby boosting advertising load.

Meanwhile, local news channel GMA News TV registered flat growth in airtime revenues.

Benefiting from polls
ABS-CBN said that the growth in its income was fueled by strong regular advertising revenues as well as election-related advertisement. Consumer sales also grew at a significant rate. The Lopez-led broadcasting firm generated consolidated revenues of P7.9 billion from advertising and consumer sales, a 21-percent increase compared to last year.

Advertising revenues reached P4.4 billion, an increase of 22 percent from a year ago.

Consumer sales amounted to P3.5 billion, posting an 18-percent increase.

Sky Cable continues to be a major driver of growth with revenues increasing by 43 percent to P1.6 billion. The growth in revenues is partly attributable to the acquisition of Destiny Cable.

Rosalie C. Periabras

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