Jul 2011 Financial News

OCM profit rises to $44.5m

Jul 26, 2011

One Caribbean Media Ltd (OCM) has reported a net profit before tax of $44.5 million for the half-year ended June 30, 2011.

This figure represents a three per cent increase in profit when compared with the same period in 2010.

OCM is the parent company of the Trinidad Express and CCN TV6, the Barbados Nation and other media entities in Grenada and St Lucia.

OCM chairman Sir Fred Gollop said in the chairman's statement he was optimistic that the Group's performance will continue to improve in the second half of 2011.

Gollop said, "Net profit margins increased from 18 per cent to 20 per cent in 2011 as a result of management's continued focus on improving operational efficiencies. This was achieved in spite of revenues of TT$221.5 million (US$34.6 million) being less than last year's TT$238.7 million (US$37.6 million). In 2010 revenues were enhanced by the Trinidad and Tobago general election in May and the FIFA World Cup in June and July."

He added, "Profit attributable to shareholders of TT$31.7 million (US$4.96 million) was more than the TT$30.6 million (US$4.8 million) in 2010, representing a 3.6 per cent increase.

As a result of the half-year performance the directors have approved an interim dividend of 25 cents per share as compared with 20 cents per share for the same period last year."

Gollop also said OCM's online presence continued to grow in 2011.

"Our Internet presence continues to grow with www.trinidadexpress.com and www.nationnews.com being the number one local websites in their respective countries and with increasing digital revenue streams," he said.


Source:
Trinidad Express
Tuesday July 26, 2011

http://www.trinidadexpress.com/business/OCM_profit_rises_to__44_5m-126156473.html