GMA-7 profit falls by a quarter
GMA Network Inc. saw its nine-month net income decline by 25 percent to P2.32 billion due to weak advertising spending.
For third quarter alone, GMA’s net income rose 5.3 percent to P771.85 million.
The company has set a profit guidance of more than P3.9 billion this year.
Revenue fell to P11.79 billion from P12.8 billion . Consolidated airtime sales amounted to P10.52 billion, coming from the combined contributions of Channel 7, GNTV-11, Regional TV and Radio.
Other revenue sources which comprise international operations and other businesses, contributed P1.26 billion or an increase of 12 percent year on year.
International operations comprised mainly of GMA Pinoy TV, Life TV and News TV raked in total revenues up 9 percent from same period last year.