GMA Worldwide profit up 344%
The overseas unit of GMA Network Inc. posted a four-fold increase in profit in the first four months of the year as it expanded its global reach.
In a statement, GMA said wholly owned unit GMA Worldwide Inc. (GWI) recorded a bottom line of P1.98 million for January to April 2012, a 344-percent jump from P447,000 a year ago.
During the first four months of 2012, GWI signed contracts for program syndication to Asian and American TV markets. These included eight program titles sold to Cambodian Broadcasting Services Ltd.; nine program titles and nine movie titles syndicated to Fox International Channels for the Philippine territory; nine program titles for the US territories; three program titles for Malaysia; two program titles and two film titles for Brunei; and three program titles for Myanmar.
Revenue for the four-month period reached P16.58 million, up from P7.92 million a year ago. The bulk of the amount came from P14.28 million worth of contracts of program syndication to mentioned territories, while P210,000 of the gross came from the GWI Subscription Video on Demand (SVOD) service.
GWI’s four-month 2012 cash operating expenses dropped 19 percent to P361,000 due to lower dues.
GWI’s participation in international markets provided rich intercultural exchange for GMA Network, an official said.—Paolo G. Montecillo
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.