Mar 2010 Financial News

One Caribbean Media posts after-tax profit of TT$74.7million

Mar 19, 2010

THE One Caribbean Media Group of Companies (OCM) has produced a profit after tax of $74.7 million for its financial year ended 2009, compared with $89.8 million in 2008.

Chairman Sir Fred Gollop said the Port of Spain-based media group's results were commendable in the face of a severe recession which began in the middle of 2008 and continued throughout all of 2009.

Revenues across the group companies declined by 10 per cent from TT$512.6 million in 2008 to TT$460.2 million in 2009.

"Our companies took steps during the course of the year to reduce and contain costs wherever possible, always taking into account our commitment to the highest standards of professional journalism and a high level of service delivery," Sir Fred said in a statement.

The net effect of the decline in advertising revenues and the reduction in expenses was a fall in profit before tax from TT$120.8 million in 2008 to TT$100.3 million, a decline of 17 per cent.

OCM's directors have agreed to a final dividend of TT$0.41.

This will bring the dividend declared for 2009 to TT$0.61 compared to TT$0.67 in 2008.

This represents 50 per cent of earnings and a dividend payout rate which is among the highest among listed companies, Sir Fred said.

Payment will be made on May 28.

The annual general meeting will be held on April 30 at the Express House, Independence Square, Port of Spain.

OCM owns and operates the Trinidad Express newspapers and CCN TV6 as well as the Nation newspaper in Barbados and radio stations in Trinidad and Tobago, and Grenada.


Source:
Jamaica Observer
Friday, March 19, 2010

http://www.jamaicaobserver.com/business/One-Caribbean-Media-profit_7493886