May 2012 Financial News

GML looking to take market share

May 23, 2012

Guardian Media Ltd’s continued success in 2012 will come from its ability to grow its share of what is predicted to be a ‘soft market’ in the context of the ongoing global and T&T’s own local economic realities, the company’s managing director Gabriel Faria told shareholders at the GML annual general meeting.

He added: “We are committed to creating opportunities for our people and our business to excel, not by following the path that’s there, but by making our own trail and letting others follow us,” he said. GML recorded total comprehensive income of $37 million in profit for the year ended December 31, 2011, even though T&T’s economic environment was not strong and the state of emergency was in effect for the last quarter of 2011.

In its consolidated financial statements, GML also experienced a decline in its debt from $50.25 million to $38.43 million. Despite a weak economic environment, Faria told shareholders the company has strengthened its position “in the market by improvement of our content across all our media, ensuring that we continue to attract more consumers than our competitors.”

GML held its annual general meeting yesterday at the Kapok Hotel, Maraval. Dividends of $0.50 per ordinary share and eight per cent on preference shares were declared and paid. The company’s net assets grew from $251.5 million to $268.4 million, with plant and machinery having the highest value of all the assets and a net book value of $77.4 million for the year ended December 31, 2011.

GML acquired a new radio frequency—100.5FM Progressive Urban—and already the feedback is “exceptional” from advertisers and consumers alike. GML created the brand and positioning for the station. On August 2011, GML acquired 100 per cent of the issued ordinary share capital of Wonderland Entertainment Ltd, an unlisted company with a broadcast licence.

According to the consolidated statement of cash flow for the year ended December 2011, GML improved its cash flow position as cash and cash equivalents at the end of the year increased to $110.8 million compared to $99.7 million in the previous year.


Source:
Trinidad Guardian
Wednesday May 23, 2012

http://www.guardian.co.tt/business/2012-05-23/gml-looking-take-market-share