LEADING REGIONAL MEDIA GROUP, One Caribbean Limited (OCM), is reporting more profits.
In a statement accompanying OCM’s consolidated unaudited results for the half year ended June 30, chairman Sir Fred Gollop said the group was holding its own despite continued economic challenges in its regional markets.
“OCM’s profit before tax for the first half of 2015 was [US$7.2 million] compared with [US$8.2 million] in 2014. This result reflects a decline in group revenues during the period from [US$41 million] in 2014 to [US$37 million] in 2015,” Sir Fred said.
“Last year the group benefitted from the sales of FIFA World Cup Rights and related advertisements during the comparative period. Our results this year, however, have also been impacted by continuing contraction in all our markets.
“Despite this, OCM’s subsidiaries in Trinidad and Tobago, Barbados and the Eastern Caribbean continue to hold market leadership by retaining the loyalty of its readers, viewers, and listeners. We are confident that ongoing implementation of our strategies will deliver improved results in the second half of the year despite the economic challenges in the region,” he added.
This latest financial statement follows the one for the first quarer ended March 31, in which the chairman reported a “satisfactory” performance and noted that “despite the ongoing economic challenges there are signs of growth in some of our markets”. The first quarter profit was US$3.49 million, while group revenues in the same period were US$18 million.
OCM was formed in January 2006 following the merger of Caribbean Communications Network Group (Trinidad and Tobago), and The Nation Corporation Group (Barbados), two of the region’s leading media entities. (SC)
