Aug 2010 Financial News

Encouraging first half year for One Caribbean Media

Aug 06, 2010

THE One Caribbean Media Group has achieved encouraging results for the half year ended June 30, 2010, chairman Sir Fred Gollop said earlier this week.

Profit before tax of TT$43 million (US$6.8 million) was 24 per cent more than the TT$34.8 million (US$5.5 million) recorded in the same period in 2009 while revenues of TT$238 million (US$37 million) increased by ten per cent compared to the first half of 2009.

"In the second quarter, the group benefitted from enhanced revenues in the broadcast media in Trinidad and Tobago occasioned by an unexpected general election," he said.

Profit attributable to shareholders of TT$30.6 million (US$4.8 million) was 18 per cent higher than the TT$26 million (US$4.1million) in the previous year.

"We anticipate that the next quarter will be somewhat more challenging, having regard to the increasingly competitive media environment and the fact that most regional economies continue to experience difficulty," Sir Fred said. "In response to the sharp contraction in the market for advertising revenue the group continues to place greater focus on innovative and strategic initiatives aimed at cost containment and the general improvement of operational efficiency."

He said it was expected that this would augur well for the OCM group's performance in the second half of 2010.

The directors have agreed to an interim dividend of 20 cents.

Payment will be made on September 30.

OCM is the largest and most diversified media organisation in the Caribbean, operating in Trinidad and Tobago, Barbados, Grenada and St Lucia.

The Trinidad Express newspaper is part of the OCM group.


Soruce:
Jamaica Observer
Friday August 6, 2010

http://www.jamaicaobserver.com/business/Encouraging-first-half-year-for-One-Caribbean-Media_7854581