Posted on

OCM profits up in first quarter

BEA DOTTIN, [email protected]

OCM profits up in first quarter

Social Share

One Caribbean Media Ltd (OCM) has recorded increased profits for the first three months of this year.
“I am pleased to report that for the first quarter of 2011, group net profit before tax of TT$17.5 million [BDS$5.4 million] increased by 12 per cent from TT$15.5 million [BDS$4.8 million] compared with the prior period in 2010,” OCM chairman Sir Fred Gollop said.
The improved financial performance was achieved notwithstanding revenues of TT$103.4 million (BDS$32.2 million) being relatively flat, “reflecting the continuing challenges of the economies in which we operate”, he said in the group’s unaudited financial results.
Profit attributable to shareholders of TT$12.6 million (BDS$3.8 million) was more than the TT$11.1 million (BDS$3.4 million) in 2010, a 13 per cent increase, Sir Fred disclosed.
“We expect that the group’s performance will continue to improve as sales and marketing strategies and other initiatives take effect,” he added.