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By Darwin G. Amojelar Reporter
GMA Network Inc. (GMA) on Tuesday
said its profits grew nearly a fourth in the first half of the year
on the back of higher revenues from political advertisements and its
international operations.
The broadcast company, which last
month sold its shares to the public for the first time, said net
income went up by 23 percent to P1.26 billion from the same
six-month period last year.
Its consolidated revenues rose 7
percent to P5.695 billion from P5.301 billion last year.
“Political advertisements as
well as the increase in subscriber count of the company’s
international operations also contributed to the revenues,” it
said.
The broadcast company said, both
Channel 7 and its subsidiary QTV experienced growth in gross
revenues. Its international channel, Pinoy TV and syndication
generated P270 million, an increase of 61 percent over last year’s
figure.
Felipe L. Gozon, GMA chairman
told reporters that the company is hoping to replicate profits last
year of about P1.960 billion.
“[We hope to have] more than
what we made in 2006,” he said.
Gozon said financial performance
in the second half will be driven by its high-rating programs, which
include the localized Mexican telenovela Marimar and other new
gameshow programs.
Felipe S. Yalong, GMA senior
vice-president, said the company expects to maintain its net income
margin, which increased to 20 percent in the first half from 17
percent in the same period last year.
“We will try to maintain these
margins,” he said, adding, “We expect second half [performance]
to be stronger than first half, even without the elections.”
In addition, the company will
spend P673 million for its capital expenditures in the second half
of the year, after spending P227 in the first semester to finance to
regional expansion.
Gilberto Duavit Jr., GMA chief
operating officer said the company will allot P200 million for
testing its digital terrestrial TV rollout, a regulatory permit for
which had already been secured.
On its debut at the Philippine
Stock Exchange, GMA shares fetched P561.8 million at P10.50 apiece.
On Tuesday, the company’s stock was flat at P9.80.
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