May 2016 Financial News

Kissoon retires from GML

May 26, 2016

Chairman and long-serving top executive at Guardian Media Limited (GML), Grenfell Kissoon, has retired, ending a long and successful tenure in the media.

Kissoon, who was appointed chairman of the GML board on September 1, 2013, had served as head of three major media companies — GML, Trinidad Broadcasting Company and Trinidad and Tobago Television (TTT).

He retired as managing director and media sector head of Trinidad Publishing Company Limited, the predecessor to GML, in 2009, but apart from a brief stint at CNMG, continued to serve on the board of the media company and the ANSA McAL board.

Kissoon presided over his final annual general meeting of GML yesterday at the Radisson Hotel, Port-of-Spain, where shareholders got the opportunity to offer him best wishes and welcome recently-appointed managing director Lucio Mesquita. A new board chairman is to be appointed shortly.

In his statement on the financial accounts, Kissoon said: “Our multi-media segments performed exceptionally well. Revenue increased by $17.8 million or 19.4 per cent and income before taxation increased by $10.3 million or 35.8 per cent.”

For the period ended December 31, 2015, the company’s revenues grew by $14.7 million, while income before tax increased by $4.4 million.

In an interview after the meeting, Mesquita said despite challenges in the external environment there was an opportunity to assess how GML’s operations could be improved. He said the market was changing and with it comes challenges

Commenting on its print division’s move to Chaguanas, Mesquita said: “T&T is a lot more than Port-of-Spain. Central is a fantastically vibrant place and being there makes us closer to that.”

Earlier, shareholders were told that GML had deepened its footprint in Guyana by acquiring iRadio, which owns Mix 90.1FM. Company officials said they were not ruling out other acquisitions or investments in the newspaper or television sector in that country.

The acquisition, which was finalised in August 2015, is part of GML’s strategy to deepen its regional footprint. Already that move is bearing fruit. Steve Dipnarine, general manager of GML’s Radio Division, said sales for March were Guy$2.8 million, April was at Guy$4.2 million and for May it had grown to Guy$5.2 million.

Mix 90.1FM’s directors include prominent Guyanese professionals and three external directors, Steve Dipnarine, Lucio Mesquita and Sean Griffith, a corporate attorney at ANSA McAL Limited.

The station covers 70 per cent of the country with the expectation of covering 90 per cent in the next three months.

Source:
Nadaleen Singh
Trinidad Guardian
Thursday May 26, 2016

http://www.guardian.co.tt/news/2016-05-26/kissoon-retires-gml