Jul 2015 Financial News

OCM’s profit down 14 per cent

Jul 31, 2015

Regional media company, One Caribbean Media (OCM), has reported a decline in its after-tax profits for the six month period ending June 30, 2015, with its chairman referring to “continuing contraction in all our markets.”

In consolidated unaudited results released to the T&T Stock Exchange on Wednesday, OCM reported that its after-tax profit declined by 14 per cent from $39.3 million for the first half of 2014 to $34.4 million for the first half of this year.

OCM’s revenue from continuing operations declined by 13 per cent from $268.1 million in the January to June 2014 period to $237.4 million in the comparable period in 2015.

OCM’s after-tax profit in the second quarter, from April 1 to June 30, declined by 32 per cent, falling from $23 million in 2014 to $17.4 million this year. The media company’s revenue declined by 22 per cent in the second quarter.

Explaining the company financial performance in the first six months of 2015, OCM chairman Fred Gollop stated: “Last year the group benefited from the sales of Fifa World Cup Rights and related advertisements during the comparative period.

“Our results this year, however, have also been impacted by continuing contraction in all our markets.”

Gollop, a Barbadian attorney, said the company is “confident that ongoing implementation of our strategies will deliver improved results in the second half of the year despite the economic challenges in the region.”

The OCM directors approved an interim dividend of $0.27 per share, the same as last year, which will be paid on September 30, 2015.

Clico, the insurance company that collapsed in January 2009, is OCM’s largest single shareholder with 15,285,917 shares equal to 23 per cent of the media company.

At yesterday’s price, Clico’s stake in OCM was worth $341 million.

The media company gained $0.30 on yesterday’s trading on the T&T Stock Exchange.

Source:
Trinidad Guardian
Friday July 31, 2015

http://www.guardian.co.tt/business/2015-07-31/ocm%E2%80%99s-profit-down-14-cent