Manila – GMA Network, Inc., has joined other companies in upgrading profit targets following better-than-expected economic conditions in the second quarter, according to local news reports. GMA Network now expects to exceed its P2.8-billion net income target for the year, amid an uptick in advertising ahead of the presidential election campaign and higher overseas cable and direct-to-home subscriptions, chairman Felipe L. Gozon said. Profits of GMA Network grew by 20% to P1.36 billion from January to June, and Gozon said the second half would likely see higher growth. According to Gozon, political advertising ahead of next year’s presidential election reached P200 million as of end-June, and this would likely grow higher in the second half. GMA executive vice-president and chief operating officer Gilberto R. Duavit, Jr. said international subscribers are also growing. For the first semester alone, revenues from the overseas market went up by 60% to P415 million. By the second half, GMA Network expects its overseas market to grow by 50%, Duavit said.
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