Oct 2011 Financial News

$66.8m profit for OCM

Oct 21, 2011

One Caribbean Media Ltd (OCM) has posted a profit before tax of $66.8 million (US$10.4 million for the nine-month period ended September 2011).

This was an increase of six per cent from the $62.9 million (US$9.9 million) recorded in the same period in 2010, OCM chairman Sir Fred Gollop said in a statement yesterday.

The increase in profit was achieved despite the market contraction, which saw revenues of $334 million (US$52.2 million) decreasing by 3.8 per cent when compared to the first nine months of 2010, he added.

Profit attributable to shareholders of $48.8 million (US$7.6 million) was four per cent higher than the $46.8 million (US$7.3 million) in the previous year.

"Independent surveys in our major markets consistently demonstrate that we continue to grow and increase audiences and readers in broadcast and print media," Sir Fred said.

"Despite the ongoing macro-economic difficulties in global and regional markets we anticipate continued improvement in the fourth quarter."

OCM was formed in January 2006 from the merger of the Caribbean Communications Network Ltd in Trinidad and Tobago and the Nation Corporation Group in Barbados.

CCN comprises the Express newspaper, CCN-TV6 and the Grenada Broadcasting Network.

Source:
Trinidad Express
Friday October 21, 2011

http://www.trinidadexpress.com/business/_66_8m_profit_for_OCM-132287823.html