Broadcast giant GMA Network remains on track of reaching its yearend net income growth target of 20 percent to P2.8 billion as it finished the first nine months of 2009 with a 10 percent increase in net earnings versus last year.

In a press briefing, the firm said net income jumped to P2.15 billion from the P1.96 billion earned in the same period in 2008 despite the series of calamities that recently struck the country and the global financial crisis that caused a decrease in ad spend among major advertisers.

Gross revenues for the first nine months went up by 7 percent to P10.03 billion as airtime revenues from TV and radio contributed P9.24 billion, while subscription fees from international operations and other revenue-generating activities of subsidiaries made P782 million.

Subscription revenues for GMA International jumped 54 percent over last year as the steady growth in the subscriber count of GMA's two international channels – GMA Pinoy TV (GPTV) and GMA Life TV (GLTV) compelled the revenue upswing for GMA International.

GMA Worldwide, Inc. (GWI), meanwhile, has syndicated locally made programs to as far as Africa, Middle East, and Europe. GWI had a positive revenue contribution with P28.3 million worth of syndication sales in the third quarter, equivalent to 90 percent of its total projected revenues for 2009.