Nov 2009 Financial News

OCM profit down by US$2.8m

Nov 02, 2009

THE ECONOMIC DOWNTURN has taken a US$2.80 million bite out of the net profit of One Caribbean Media (OCM) for the nine-month period ended September 30, 2009, when compared to the same period last year.

Consolidated unaudited financials released by the media conglomerate yesterday indicated a US$3.84 million drop in gross profit after US$21.19 million was posted at the end of the 2008 nine-month period.

Operating profit dipped by US$3.65 million from the US$12.59 million recorded in the previous period.

After-tax profit of the group was US$2.80 million below the US$9.62 recorded by the media group for the same period in 2008.

Against this backdrop OCM chairman Sir Fred Gollop described the performance as a "contrast to the buoyancy for the same period in 2008" as he pointed out that profit attributable to shareholders of US$6.8 million was 29 per cent less than the US$9.6 million in the previous year.

"In the context of the recessionary conditions prevailing in the global economy and in the markets served by group companies, OCM's performance is creditable. We have reduced expenses [cost of sale dropped US$7.78 million] and taken steps to restructure some of our businesses," Sir Fred said.

Total assets of the company were down US$1.38 million from the US$132.60 million value at the end of September 2008 and total liabilities dwindled by US$4.43 million reaching US$22.97 million.

According to Sir Fred's outlook: "We remain confident about the future and we expect to see improvements in the fourth quarter of 2009." (SR)


Source:
Nation News
Saturday October 31, 2009

http://www.nationnews.com/news/business/OCM-9-month-performance-copy-for-web