GMA Network posts 24% hike in H1 net income

NETWORK BRIEFING - Photo shows (from L to R) GMA Chief Financial Officer and SVP for Corporate Services Group Felipe S. Yalong, GMA EVP and Chief Operating Officer Gilberto R. Duavit, Jr., GMA Chairman, President and CEO Atty. Felipe L. Gozon, and GMPI President and Chief Operating Officer Lizelle G. Maralag during the Network Briefing held August 12 at the GMA Network Complex in Quezon City.

Broadcast industry leader GMA Network sustained its strong financial performance for the first semester of 2010 even after the revenue windfall from political advertisements that ended in early May. The Company’s bottomline for the covered period grew by 24 percent to P1.689 billion from last year’s P1.361 billion.

Consolidated revenues increased by 19 percent to P7.565 billion from P6.335 billion record made during the same period in 2009. In nominal terms, the increase of P1.230 billion in revenues for the six-month period almost equaled the P1.274 billion improvement recorded during the full year 2009.

All business units made positive revenue contributions for the said period. Parent  company Channel 7 booked an 18 percent jump in revenues to P6.414 billion in the first half; Q Channel 11 recorded a 17 percent revenue hike to P251 million; while GMA International increased revenue contributions by 11  percent to P462 million. Radio recorded the highest revenue increase of 111 percent to P337 million.

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