GMA Network Inc. posted a 26% drop in profit in the third quarter of the year from a year ago, ff. a decline in air time revenues with the absence of political ads that boosted earnings in the same period last year. The company on Thursday announced that profit dropped to P583M in july to September of 2010 from P788M in the same quarter last year.
Gross revenue slipped by 10% to P3.3B as a result of 12% decline in air time revenue, which made the bulk of the total. “To be perfectly honest, the third quarter was a disappointment but not a very big one,” GMA chair and CEO Felipe Gozon said in a briefing. Gozon explained the company also had to raise its ad rates earlier in the year, which scared some big advertisers away temporarily. One advertiser, in particular, even boycotted the company for as long as three months due to the hike in rates.
Source: Paolo Montecillo, Philippine Daily Inquirer
Gross revenue slipped by 10% to P3.3B as a result of 12% decline in air time revenue, which made the bulk of the total. “To be perfectly honest, the third quarter was a disappointment but not a very big one,” GMA chair and CEO Felipe Gozon said in a briefing. Gozon explained the company also had to raise its ad rates earlier in the year, which scared some big advertisers away temporarily. One advertiser, in particular, even boycotted the company for as long as three months due to the hike in rates.
Source: Paolo Montecillo, Philippine Daily Inquirer
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