GMA profit down 49% on low ad spending
GMA Network Inc. reported a 49 percent decline in its first quarter profit to P426 million due to the absence of political-related advertising booked last year.
Consolidated revenues fell 13 percent to P3.27 billion as a result of lower advertising spending by companies.
Airtime sales,which accounted for 88 percent of total revenues, decreased by 15 percent to P2.86 billion.
?Mixed results were seen in the different platforms with Radio and Regional TV sales managing to pull ahead versus comparative period?s revenues, while core channel GMA 7 and GMA News TV 11 failed to make the cut,? GMA said.
In terms of ratings, GMA said it beat its rival ABS-CBN Broadcasting Corp. in nationwide urban TV ratings in the first quarter with an average people audience share of42.1 percent versus ABS-CBN?s 38.6 percent.
In Mega Manila, GMA posted an average audience people share of 49.7 percent, higher than ABS-CBN?s 28.9 percent.