Aug 2015 Financial News

GML profit falls 23%

Aug 11, 2015

GUARDIAN Media Ltd (GML) has reported a 23 per cent decline in profits for the second quarter of this year, compared to the same period in 2014.

GML publishes the Guardian newspaper and operates TV station CNC3 and a number of radio stations.

According to its unaudited results for the quarter ended June 30, GML's profits dropped from $7.46 million in 2014 to $5.7 million this year.

In a statement yesterday, the company's chairman Grenfell Kissoon said the decrease was as a result of costs associated with rights acquisition, relocation of its print department from Port of Spain to Chaguanas and investment in communication technology.

“We are confident that these investments will have a positive medium term impact on the company's performance,” he said.

There was however a $.9 million increase in GML's revenue for the period, from $51.6 million in 2014 to $52.5 million which Kissoon attributed to investments in the rights for the CPL cricket, World Cup football and election advertising.

“The market otherwise contracted in the second quarter,” he noted.

Similar to last year, GML has approved a dividend payment of 18 cents per ordinary share and four per cent for preference shares.

Source:
By Leah Sorias
Trinidad Express
Tuesday August 11, 2015

http://www.trinidadexpress.com/20150810/business/gml-profit-falls-23