Mar 2017 Financial News

OCM posts $86.5m profit

Mar 31, 2017

ONE Caribbean Media (OCM) has recorded a profit before tax of $86.5 million (US$12.8 million) for its financial year ended December 31, 2016.

OCM is the parent company of Caribbean Communications Network (CCN) which publishes the Express newspaper and operates TV6.

The OCM group’s profit before tax in 2016 was 22 per cent less than the $110.9 million (US$16.4 million) in 2015.

Group revenues of $466 million (US$69 million) decreased by 11 per cent from $526 million (US$78 million) in 2015.

“The performance of the OCM Group for the year ending December 31, 2016 was significantly impacted given the prevailing economic challenges throughout the region and the continuous decline in Trinidad and Tobago, our main market,” OCM chairman Faarees Hosein said in the company’s audited financial results.

Included in OCM’s results was $10 million in non-recurring costs as a result of the restructuring of major subsidiaries.

“In addition, earnings would have been affected by the increased tax rate of 30 per cent in Trinidad and Tobago which resulted in additional deferred taxes of $4.3 million,” Hosein said.

New investments

Hosein pointed out that while economic conditions are likely to continue, “we anticipate that our new investments along with the infrastructural improvements and efficiencies achieved during the year, will allow us to deliver satisfactory results”.

OCM directors have approved a final dividend of $0.49 per share bringing the total dividend for the year to $0.76, same as last year.

This will be paid on April 30.

OCM was listed on the stock exchange yesterday at $16.95 per stock unit.

Source:
Trinidad Express
Wednesday March 29, 2017, 9:46 pm AST

http://www.trinidadexpress.com/20170329/business/ocm-posts-865m-profit