Listed GMA Network Inc. said on Thursday that it posted higher net income in the first six months of this year, putting the broadcast company on track of its full-year target.
The network said its net income grew by 24 percent in the first half of 2010 to P1.7 billion from last year's P1.4 billion.
Its revenues for the six-month period went up by 19 percent to P7.6 billion from 6.3 billion a year ago.
"By gaining superiority in terms of ratings in Mega Manila and Luzon, we're still positive that we'll meet our bottomline target of P3.5 billion for the year," Gilberto Duavit Jr, GMA's executive vice president and COO said at a briefing on Thursday. "Our net-income guidance is not modified."
GMA is now re-orienting its programs amid the "weakened" network's ratings in the first half of 2010, said Felipe Gozon, GMA's chairman, president and CEO.
"I'm confident that GMA can still deliver strong financial and ratings performance in the second half," Gozon said.
GMA's rival network ABS-CBN registered higher net income of P2.2 billion in the first half of the year. Gozon, however, pointed it at the the ABS-CBN's higher number of political ads.
"[ABS-CBN] generated more political ads during the recent campaign period," Gozon said. Revenues in political advertisements of ABS-CBN amounted to P2.3 billion, while GMA posted 1.8 billion.
"Also, [ABS-CBN] reported growth in cable and broadband. We don't have that," he added.
GMA said all the network's business units made positive contributions to the company in the first half of the year.
Channel 7's revenues went up by 18 percent to P6.4 billion. Q Channel 11 made a 17-percent increase to P251 million. Radio posted a 111-percent increase to P337 million. GMA International registered an 11-percent growth to P462 million.
GMA said it is gaining strong presence overseas through GMA Pinoy TV and GMA Life TV. GMA International intends to launch GMA Pinoy TV in Washington, DC and Northern Virginia in September and GMA Life TV in Houston come October.
At present, both channels have their presence in the US, Canada, Europe, Middle East, North Africa, Australia, New Zealand, Japan, Guam, Papua New Guinea, Singapore, and Hong Kong.
GMA Worldwide Inc., the network's distribution and acquisition arm, closed contracts amounting to $151,000 in the first six months of 2010 through syndication of locally produced programs to some countries in Asia, Africa, the Middle East and North America.
The network's version of Marimar will be aired in Mandarin through China's national television station.
GMA said it continues to bolster its presence in key provinces nationwide. It said it completed already the commissioning of TV relay station upgrades in San Jose City, Occidental Mindoro; Dipolog, Zamboanga del Norte; Ozamiz City, Misamis Occidental; Tacloban, Leyte; and Kalibo, Aklan. —J
E/OMG, GMANews.TV
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