GMA 2013 net profit up 3%

GMA Network Inc. has pulled its net income up 3% year-on-year but missed its 2013 target partly due to higher production costs.While the network earned P1.67 billion in 2013, the hike was lower than the 10% target originally set by the company. GMA’s recorded P1.62 billion in 2012.Full-year consolidated revenues was pegged at P12.95 billion, a 7% improvement owed to election-related advertisements earlier in 2013. Around 91% of its total revenues came from airtime sales, which grew to P11.74 billion from P10.86 billion in 2012.Discounting incremental sales from political ads, GMA said in a disclosure that regular airtime revenue inched up by a percentage point year-on-year.Operating expenses were also in the rise, up 8% at P10.57 billion compared to 2012. Production costs account for over half of this at P5.96 billion, a 13% increase from P5.29 billion in 2012. General and administrative expenses were also up 2% at P4.61 billion from P4.52 billion year-on-year.In comparison, rival ABS-CBN posted better 2013 numbers, ending the year with a 25% rise on its net income, partly boosted by election-related spending. However, costs and expenses were also up much higher at 11%.