|
|
 |
 |
 |
| Thursday, 29 July 2004 |
 |
|
 |
Business | |
| News Business Features Editorial Security Politics World Letters Sports Obituaries
|
ABC Radio Network net profit up 44%
ABC Radio Network's success continues with a resounding increase in profits and is seen driving in the fast lane for greater results. ABC Radio Network, which celebrated its sixth Anniversary on July 1, owns the popular radio channels Sun FM, Gold FM, Hiru FM, Shaa FM and Sooriyan FM. The network recorded a 44% increase in half yearly net profit over the preceding year, whilst the turnover increased by 24% as compared with last year. Managing Director, Raynor Silva, highlighted that the company's high focus on productivity and optimising on its expenditure rather than straightforward cost control has resulted in total expenditure coming down by 12% as compared to last year, which largely contributed towards the outstanding 44% increase in net profits. Silva said that the other key factors that contributed to ABC Radio Network's successes are innovative strategies in marketing, programming, promotions and management, with high emphasis on innovation and new formats in programming. The broadcast industry is highly competitive and perceived as loss making due to the large number of competitors in a limited market and huge capital investments. It is a tremendous achievement to sustain a growth in net profits annually in this industry. However, ABC Radio Network has been continuously reporting a staggering annual growth, averaging a 40% to 50% increase each year. As the last entrant to an already saturated market, it is extremely commendable that the network can sustain such momentum in growth. Silva said "we compete fiercely in the market both in terms of strategy and management. Given the present economic climate, top sales performance undoubtedly proves, over and over again, our market leadership and acceptance of the network by listeners and clients". Silva said that innovative management in a value driven corporate culture is the key ingredient that has enabled the radio stations to be in the forefront of the industry. He said that the network's sixth anniversary celebration focused more on its role in society as a responsible corporate citizen. Although ABC Radio Network is an entertainment oriented company, this year the celebrations were more community service based. |
|
News | Business | Features
| Editorial | Security
Produced by Lake House |
