Grupo Radio Centro Revenue Up, Net Income Down For Q4
February 25, 2010 at 4:24 AM (PT)
GRUPO RADIO CENTRO fourth-quarter broadcasting revenue rose 12.8% to Ps. 260,873,000, attributed to increases at the company's MEXICO stations and at its Spanish AC KXOS (EXITOS 93.9)/LOS ANGELES. Higher expenses led to a 17.4% drop in broadcasting income to Ps. 87,990,000. Net income fell 56.2% to Ps. 25,286,000.
The company also announced that it will be returning the capital contributions of certain members of the AGUIRRE family, to whom the company had sold a 49% equity stake in the LOS ANGELES operation. The move will make GRC the sole shareholder in the KXOS LMA.
And the company's board recommended a dividend of Ps. 100 million (Ps. 0.614535380433443 per share), subject to approval at the next shareholders' meeting in MARCH.