GMA says it won't hit 10 pct profit growth this year
MANILA, Philippines - GMA Network Inc. on Friday said it is not likely to meet its profit growth target for the year.
Malaya Business News Tonight quoted GMA chief Felipe Gozon as saying the broadcast company would likely revise its full-year net income growth goal due to flat third quarter results.
"We confirm the statements made by GMA chairman and chief executive officer Felipe Gozon that we might not hit the 10% growth net income target this year," the company told the stock exchange.
Gozon noted that advertisers reduced ads spending in the third quarter.
Earlier, GMA said it was targeting 10% higher net income this year. In 2012, the broadcast firm posted P1.6 billion net income.
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