GMA 7 posts 11-month profit of P2.28B (Inquirer)
GMA NETWORK INC. posted a net income of P2.28 billion in the first 11 months of 2007, 20-percent higher than the same period in 2006, the company said in a statement. Year-to-date gross revenues went up 8 percent to P10.83 billion while production costs increased slightly by 4 percent to P3.44 billion. For November, revenues breached the P1-billion mark, bringing net income for the month higher by 6 percent to P220 million.
ABS-CBN is projected to have a profit of P1.4 B for 2007. This is an improvement from 2006. But again, it defies logic: If ABS-CBN is #1 Nationwide, how come GMA-7 is earning almost double? Are the ABS-CBN financial executives idiots? That they cannot leverage their "#1 Nationwide" rating into profits? Also, what part of that P1.4 B comes from subscriptions of The Filipino Channel? (Didn't we say this last year? LOL)
Justice for the Wowowee Stampede Victims!