One Caribbean Media (OCM) has recorded a first quarter 2013 before tax profit of TT$24.6 million, a 40 per cent increase over the $17.6 million for the same period in 2012.
In a statement Friday, OCM chairman Sir Fred Gollop said the region’s largest media organization had produced positive results for the three months ended March 31, 2013, recording growth in both revenue and profit before tax.
Group revenues increased by 23 per cent, moving from TT$100.5 million in the first quarter of 2012 to TT$124 million in 2013.
“Contributions to this financial performance were revenues generated from the Tobago House of Assembly elections in January, the Barbados general elections in February, and acquisitions made in the second half of last year. We expect that the second quarter will be more challenging than the first and anticipate that growth will be maintained,” Sir Fred said.
In March, OCM released its financial report for 2012, stating it had recorded a $102 million profit.
This was a six per cent increase over the media group’s $96 million (US$15 million) pre-tax profit in 2011.
OCM is the parent company of the Trinidad Express and CCN TV6 in Trinidad and The Nation Corporation and Starcom Network Inc. in Barbados.
OCM shares were listed on the T&T Stock Exchange Friday at $16.50 per stock unit. (PR)
