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MANILA - GMA Network Inc. on Tuesday said it is on track to hit its earnings guidance for 2012 on expectations of a "far better" second half compared with last year.
Felipe Gozon, GMA7 chairman and chief executive, told reporters it had a "so-so" April to June period, but the third and fourth quarters will be "something else."
"Beginning June, we have been exceeding our target and the second half will be far better than 2011," he said on the sidelines of the company's fifth listing anniversary.
Early this year, GMA7 projected a net profit of P2.8 billion to P3 billion for 2012, higher than the P1.7 billion registered last year.
In the first quarter, the broadcast network's income fell to P388 million, a 27-percent year-on-year drop from P534 million.
The outlook for next year remains rosy because it will be an election year.
"Every election year is better for TV because the candidates already know the best way to campaign is through television, radio, etc.," Gozon said.
He said the company is "pleased" with its overseas expansion as it continues to widen its subscriber base. Contribution of its overseas business has registered a positive increase despite the appreciation of the peso against the dollar, he said.
"We are very active. There are many platforms 'di na lang cable and direct TV. There are so many things now and we are going into all of that. As much as possible we would like to reach as many Filipino residents abroad as we can in whatever platform," he said.
GMA7's all-news channel has yet to break even, but "it's going there at a pace that is satisfactory to me," he said.
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