Nov 2014 Financial News

Guardian records $6.3 million decline

Nov 11, 2014

THE Guardian Media Group has recorded a decline of $6.3 million in net income for the third quarter of this year. In a statement, Guardian Media Group chairman Grenfell Kissoon said revenue the group earned in the third quarter exceeded prior year earnings by $3 million.

However he indicated, “Net income for the period, however, declined by $6.3 million.”

Kisson noted the net income for the period was $19 million compared to $25.4 million for the same period last year.

“This was as a result of the impact of increased investments in content, the principal of which was our CPL Cricket Rights which we expect will yield better results in the future,” he stated.

Kissoon also attributed the decline in net income to “higher operating costs across our three divisions.”

Notwithstanding this, Kisson said, “The thrust towards investments in brand development will continue.”

He was confident that other measures which the group is now implementing will impact favourably on its profit before tax in the fourth quarter.

Source:
Newsday
Tuesday November 11, 2014

http://www.newsday.co.tt/business/0,202776.html