May 2017 Financial News

OCM's 1Q profits down 9%

May 10, 2017

One Caribbean Media yesterday reported a that its after-tax profits declined by 9 per cent in the first quarter of 2017 to $14.29 million from $15.70 million in the comparable quarter last year.

The Port-of-Spain-based media company recorded revenue that increased by less than 1 per cent to $106.8 million from $106.2 million.

OCM’s non-current liabilities jumped by 76.6 per cent in the first quarter of 2017, to $114.4 million from $64.7 million in the comparable quarter in 2016. The media company’s non-current assets increased by 16.5 per cent to $666.7 million in 2017 from $572.2 million in 2016.

OCM’s chairman, Faarees Hosein, in his statement accompanying the financial results, stated: “The current economic climate in our main market (T&T) and the region continues to impact the OCM group.”

Of the group’s outlook for the rest of 2017, Hosein said: “The group expects economic challenges to persist in the markets in which it operates, but will continue to implement appropriate results in order to deliver acceptable results.

Source:
Trinidad Guardian
Wednesday May 10, 2017

http://www.guardian.co.tt/business/2017-05-09/ansa-merchant-profits-jump-144