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GMA Network Inc. said profits last year dropped
because of a higher corporate income tax rate.
In a statement, GMA said
its net income declined by 2 percent to P1.97 billion from P2
billion in 2005.
The company’s profit decline
comes as its main rival, ABS-CBN Broadcasting Corp., reported that
it more than doubled its net income to P741 million from P252
million in 2005.
GMA’s consolidated revenues
were up by 12 percent to P11 billion from P9.8 billion in 2005.
It said subsidiary QTV already
contributed P202 million in its first full-year of operation.
The network’s
international channel GMA Pinoy TV’s subscribers stood at 126,000.
GMA said its consolidated
general and administrative expenses amounted to P2.6 billion, or 13
percent more owing to additional operating costs related to the
newly-launched business segments.
Production costs increased
29 percent to P3.7 billion due to the programming of QTV.
GMA said it maintained its lead
in TV ratings for 2006 in Mega Manila with an average total day
rating of 17.6 percent against its main rival’s 13.4 percent.
Citing the AGB Nielsen’s
data, GMA said nineteen out of the top 30 TV programs were aired
over its network.
GMA earlier announced that
it plans to sell shares to the public for the first time this year.
 --Darwin
G. Amojelar
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