Yagami Website

MANILA - Media firm GMA Network Inc. is expecting to hit its full-year profit target of P2.8 billion, following the company's 20% growth in net income for the first 6 months of the year.
In a disclosure to the Philippine Stock Exchange on Thursday, GMA Network reported a net income of P1.36 billion as of end-June, a 20% rise from P1.14 billion recorded in the same period last year.
Gross revenues for the 6-month period grew 8% to P6.34 billion, with television and radio accounting for 92% of the total. The remaining P537 million came from subscription fees of international operations and GMA Network's subsidiaries.
EBITDA (earnings before interest, taxes, depreciation, and amortization) grew 10% to P2.34 billion, while total assets and liabilities stood at P12.32 billion and P2.92 billion, respectively.
"We expect to hit and even exceed our year-end target in net profit this year given the fact that the second half performance is usually stronger than the first," GMA Network Chief Financial Officer Felipe Yalong said.
From January to June, GMA Network said its revenues rose 11% to P3.7 billion, while its net income soared 26% to P860 million.
The network's Q Channel 11 recorded a 13% growth in revenues to P214 million, while airtime revenues from radio operations rose 13% to P160 million.
Subscription revenues from GMA International were up 59% from last year, driven mainly by the launch of its second channel GMA Life TV (GLTV) and more subscribers from its main channel, GMA Pinoy TV (GPTV).
The company said GPTV had over 217,000 subscribers as of end-June, a 21% increase from the same period last year. The subscriber base of GLTV, on the other hand, grew 180% to 112,000.
Total operating expenses were up 4% to P3.5 billion, with production costs taking up 52% at P1.81 billion. General and administrative expenses, on the other hand, grew 14% to P1.688 billion due to increased manpower and higher depreciation from GMA Network's regional expansion projects and the GMA studios.
as of 08/13/2009 6:34 PM