GMA Network Inc. expects to exceed its P3-billion net income target this year on higher advertising revenues, a top official said Wednesday.
GMA Network president and chief executive Felipe Gozon told reporters ad spending started to pick up significantly in September and October, after weakening in July and August due to increased rates.
Gozon said the network exceeded its internal ad revenue target for the month of October with still more than a week to go.
The advertising rates of GMA Network rose 5 percent on the average.
Gozon expects the company to register strong financial performance this year and in 2011 with higher advertising rates.
GMA Network registered a net income of P1.68 billion in the first six months of the year, up 24 percent from P1.36 billion year-on-year.
Consolidated revenues in the first six months grew by 19 percent to P7.565 billion from P6.335 billion on-year. The increase of P1.230 billion in revenues during the six-month period in nominal terms almost equaled the P1.274-billion improvement reported during the full of 2009.
Share price of GMA Network ended higher by P0.05 Wednesday to P7.45.
Rival network ABS-CBN Broadcasting Corp., the largest media company, earlier raised its profit target to P3 billion from P2 billion this year after net income grew almost 200 percent in the first half.
by Jenniffer B. Austria
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