Radio Center Group (GRC) reported an improvement in its net result for the year corresponding to the year 2022compared to the data for 2021. The company reported a annual net loss of 225 million pesoscompared to the net loss of 900.3 million pesos recorded a year earlier.
The company, which claims to have 45% of the total audience of the capital’s radio station, also said that the notable variation in its net result was due to a 10.2% increase in its turnover for the whole yearbut also due to a bad fourth quarter of 2022 in which its revenues fell 19% due to a drop in airtime contracts for advertising.
Radio Centro billed 770.7 million pesos in all of 2022, compared to the 699.4 million pesos raised in 2021.
Its transmission expenses totaled 548.9 million pesos, 5.3% more than the data from the previous year. This level was due to increases in transmission expenses and a provision for doubtful accounts.
The company’s financial costs for 2022 totaled 168.6 million pesos, 7.0% above the 157.5 million pesos reported in 2021. “This increase was mainly due to a combination of a lower interest income and higher interest expense registered during the twelve months ended 2022, compared to the same period of 2021,” said GRC.
As of December 31, 2022, Grupo Radio Centro registered a operating profit of 101.2 million pesoscompared to 40.4 million pesos in 2021.
For the fourth quarter of 2022, Radio Centro reported a net loss of 178.8 million pesos, compared to the loss of 121 million pesos in 2021, a 67 percent deepening.
The company entered 227 million pesos from transmissions, 18.9% below the 227 million a year ago.
