GMA Network books 3% increase in 2013 net profits

GMA Network Inc. saw net earnings accelerate by 3 percent to P1.667 billion in 2013 from P1.617 billion a year earlier on higher revenues from election related-advertisements and sustained sales from advertisers.

Net revenues totaled P12.95 billion, up 7 percent from P12.089 billion a year earlier. Airtime revenues rose 8 percent to P11.739 billion, boosted by election-related advertisements amounting to P724 million. 

Operating expenses posted an 8 percent increase to P10.565 billion, mainly on higher production costs and compounded by non-recurring expenses in mounting the Network’s most comprehensive election coverage for the May 13 mid-term polls.
 
The network ended the year with an EBITDA (earnings before interests, taxes, depreciation and amortization) of P3.718 billion, reflecting a 9 percent improvement year-on-year on the back of better revenues and managed growth in cash operating costs.

Last November, GMA chairman and CEO Atty. Felipe L. Gozon said 2013 full-year net income will slightly surpass 2012's earnings, from an earlier 10 percent growth target, after the advertising industry decreased ad spending in the third quarter. – Danessa Rivera/VS, GMA News

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