The broadcasting company said its net income in the third quarter dropped by 38 percent to P353 million from last year's P573 million. Earnings in the first nine months of P1.488 billion likewise were down six percent from P1.59 billion in 2012.
GMA’s third-quarter airtime revenues dropped by 16 percent to P2.69 billion from the previous quarter’s P3.48 billion. The second quarter was the time when most of the election ad spending was poured.
“The last few months will be crucial in achieving our year-end target,” he said.
The company earlier expected that it can post as much as a 10-percent increase in its net income for 2013 due to the midterm elections held in May.
Last year the company registered a 5-percent drop in net income to P1.61 billion despite the influx of early political advertisements. Rival ABS-CBN registered a double digit increase in profits in 2012.
Total revenues for the third quarter, which include subscriptions to its programs from cable operators overseas, reached P3.02 billion, a drop of 13 percent from the previous quarter.
As a result, its net income was down by 6 percent to P1.48 billion from last year’s P1.58 billion, this was despite efforts to control expenses.
During the period, GMA’s flagship Channel 7 grew its revenues by a mere 4 percent. Its Regional TV, the unit that oversees its operations outside of Metro Manila, increased its revenues by 37 percent, while its radio unit’s sales was 9 percent higher.