Pol ads boost ABS-CBN, GMA first-half earnings
MANILA, Philippines – The Philippines' two biggest television networks said Tuesday, August 13 their first-half earnings grew by double digits, thanks to political advertisements during the election period.
ABS-CBN Corp. said its January-June net income surged 44% to P1.339 billion from P927 million in the same period of 2012.
GMA Network Inc. ended the first half with a net income of P1.135 billion, up 12% from last year's P1.014 billion.
GMA said gross revenues grew 14% to P6.725 billion, fueled by airtime revenues, which grew 15%.
ABS-CBN enjoyed a faster growth as its consolidated revenues jumped 23% to P17.061 billion. The company said advertising revenues reached P10.061 billion, up 29%, while consumer sales went up 16% to P7 billion.
Stripping out revenues from pol ads, both networks said their "regular" airtime revenues also rose. ABS-CBN's went up 17%, while GMA's inched up 2%. – Rappler.com