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| Sunday, 1 August 2004 |
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Business |  |
| News Business Features Editorial
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Profit of 44% rise at ABC radio network 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 6th Anniversary on 1st July, owns the popular radio channels Sun FM, Gold FM, Hiru FM, Shaa FM and Sooriyan FM. The network recorded a staggering 44% increase in half-yearly net profits over the preceding year, while 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 its total expenditure coming down by 12% as compared to last year, which largely contributed towards the outstanding 44% increase in net profits. He went on to say 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 broadcasting industry is highly competitive and perceived as loss making due to the large number of competitors in a limited market and huge capital investments, so that it is a tremendous achievement to sustain a growth in net profits annually in this industry. However, the 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. Raynor Silva says that the network competes fiercely in the market both in terms of strategy and management to hit the highest point. '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', he added, re-iterating 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 goes on to say that the network's sixth anniversary celebration focused more on its role in society as a responsible corporate entity. He states that although ABC Radio Network is an entertainment-oriented company, this year the celebrations were more community-service based. Hiru FM 'praja pooja' concentrated on re-building and refurbishing temples around Sri Lanka. While receiving the blessings of the Maha Sangha. |
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