OCM records increased profits
PORT OF SPAIN, Trinidad – One Caribbean Media Ltd (OCM) is reporting a 12 per cent increase in net profit before tax for its first quarter that ended on March 31.
“I am pleased to report that for the first quarter of 2011, Group net profit before tax of TT$17.5 million (US$2.7 million) increased by 12 per cent from TT$15.5 million (US$2.4 million) compared with the prior period in 2010,” according to OCM chairman Sir Fred Gollop said yesterday.
He said the improved financial performance was achieved notwithstanding revenues of TT$103.4 million (US$17.2 million) being relatively flat, “reflecting the continuing challenges of the economies in which we operate”.
Profit attributable to shareholders of TT$12.6 million (US$2.1 million) was more than the TT$11.1 million (US$1.85 million) in 2010, a 13 per cent increase, Sir Fred said.
“We expect that the group’s performance will continue to improve as sales and marketing strategies and other initiatives take effect,” he added.
OCM was created in January 2006 from the merger of the Caribbean Communications Network (CCN) Group of Trinidad and Tobago and the Nation Corporation Group of Barbados. The Trinidad Express Newspapers, CCN TV6, HOTT 93 FM in Trinidad are part of the OCM group along with other media assets in Grenada. (CMC)