Consolidated revenues stood at P10.876 billion, eight percent higher than the P10.025 billion grossed during the same period in 2009 backed by the accumulation of airtime revenues from media platforms and subscription revenues from international operations, which overtook last year’s performance.
Parent company Channel 7 posted a seven percent increase in revenues to P9.262 billion; Q Channel 11 registered a 10 percent improvement to P346 million; international revenues climbed 10 percent to P700 million; while Radio’s revenues soared 73 percent to P443 million.
Meanwhile, operating expenses were up by 11 percent to P6.181 billion which was driven by the increase in production costs during the nine-month period, the non-recurring election coverage cost as well as additional in-house produced programs that replaced canned materials in the weekday late afternoon block.
GMA’s general and administrative expenses rose by eight percent to P2.692 billion, partly due to the continued promotional blitz in the regions.
Earnings before interests, taxes, depreciation, and amortization (Ebitda) reached P3.784 billion, two percent higher than the P3.713 billion recorded during the nine-month period in 2009.
Total assets grew by five percent to P13.750 billion; while total liabilities dropped by three percent to P2.786 billion. The company remains debt-free.
During the earlier part of the third quarter, GMA’s top line suffered some setback owing to the cutback in ad spending by major advertisers. Hence, third quarter performance resulted in revenues dropping by 10 percent to P3.311 billion and a reduction in net income by 26 percent to P583 million.
GMA chairman Felipe Gozon said they expected a drop in sales revenues because of the slight increase in effective rates/prices charged to advertisers.
By Danessa O. Rivera
the daily tribune
the daily tribune
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