Manila Bulletin
MANILA, Philippines — Emboldened by its second quarter performance, GMA Network expects its earnings to bounce back above the P3 billion this year despite a drop in first quarter profits.
In an interview after the firm’s annual stockholders’ meeting, GMA chairman Felipe Gozon said he expects the firm to surpass last year’s P2.82 billion and ‘its going to be big. All I can say is it's going to be more than P3 billion.’
He explained that revenues were good in April ‘but May is really fantastic. We are over P1 billionin TV sales for Channel 7 only (as of May 17, 2011) and this is not an election year.’
Gozon said they have already increased advertising rates this year and the network continues to lead ratings based on the Nielsen Audience Measurement.
GMA reported that its net income for the first quarter of 2011 fell 37.5 percent to P534 million from the P855 million recorded during the same period last year when the firm benefited from political advocacies and advertisements.
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