ABS CBN 2 - Up / GMA 7 - Down 11%

GMA Network 9-month profit down 11%

GMA Network Inc. said its net profit for the nine months to
September fell

11 percent from a year earlier to 1.55 billion due to higher
operating

expenses.

"The net income was 11 percent lower than the same period last year
as the

production costs of a start-up business, QTV, bear down on the
bottom

line," GMA said in a statement.

QTV 11, GMA's new television station, opened about a year ago.

Quarterly results were not disclosed.

GMA, the main rival of publicly listed ABS-CBN Broadcasting Corp.,

reported consolidated gross revenue of P8.09 billion for the nine-
month

period, up from the previous year's P7.4 billion, boosted by steady

airtime sales from its flagship television station Channel 7 and

additional subscription revenue from its international operations.

Operating expenses jumped 30 percent to P4.24 billion primarily due
to

higher production costs and expenses related to the new businesses.

GMA said it maintained its lead in TV ratings as of September amid
an

industry-wide decline in advertising spending.

GMA has deferred its initial public offering, earlier planned for
this

year, to 2007. Company officials said they were not in a hurry to
raise

fresh capital.

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