Revenue from the three radio stations owned by Thai entertainment conglomerate GMM Grammy fell just half a percent in FY2013, despite advertisers delaying campaigns due to the country’s latest political crisis.

The radio business subsidiary GMM Media Plc, saw revenues of 23.9 million dollars (THB769 million) from January to end of December 2013, according to its latest annual report.

Several months of protests and a shut down of the Thai capital Bangkok forced the government to call early elections which were eventually annulled.

The company owns Chill 89, EFM94 and Greenwave1065 which serve the Bangkok Metropolitan area and neighbouring provinces.

Figures suggest the radio business contributed about 7 percent of the company’s overall revenue for the year, up from the previous year but down on 2011.

Its  annual report said that radio operators in Thailand needed to operate more efficiently and flexibly in the future.

As a group, GMM Grammy’s revenues fell six percent to $341 million (THB 11 billion) in 2013.

The company made a $40 million (THB1.28 billion) loss, more than three times the loss in 2012.

This was in part due to its investment in digital terrestrial TV.