GMA Network income reached P603 million during 2013 Election Campaign period

GMA Network income reached P603 million during 2013 Election campaign period.

In a statement, GMA Network Inc said its net income grew by 55 percent to P603 million in the January to March period from P388 million last year.

Consolidated revenues climbed 24 percent to P3.24 billion from the previous year's P2.62 billion.

Airtime revenues rose 26 percent to P2.95 billion from P2.34 billion over the same period. Of the total airtime sales, political ad revenues reached P278 million, leaving regular ads with bulk of revenues at P2.673 billion.

Sales from subscription and others contributed P291 million, up from last year's P289 million.

“Such improvements validate our forecast that 2013 will be a particularly strong year for GMA. Our sales continue to grow at a steady pace and we look forward to the future with optimism,” Felipe L. Gozon, GMA Network chairman and chief executive, said.

GMA’s flagship Channel 7, which accounted for 85 percent of airtime earnings, enjoyed a 26 percent upsurge, while revenues from Regional TV, the business unit that manages GMA’s regional TV operations, grew by 85 percent following its expansion.

Operating expenses increased 13 percent year-on-year to P2.371 billion, primarily on increased production costs in a bid to strengthen GMA's programming.

Citing data from Nielsen, the network said it maintained leadership in the key areas of Urban Luzon and Mega Manila in the first quarter, a claim its main rival, ABS-CBN Corp, also made using data from Kantar.