ONE CARIBBEAN MEDIA (OCM) has recorded a profit before tax of TT$86.5 million (US$12.8 million) for its financial year ended December 31, 2016.
OCM, with its headquarters in Port of Spain, is the parent company of The Nation Corporation which publishes the NATION newspaper and operates Starcom Network in Barbados; Caribbean Communications Network (CCN), publisher of the Express newspaper and operator of TV6 in Trinidad; and GBN in Grenada.
The OCM group’s profit before tax in 2016 was 22 per cent less than the TT$110.9 million (US$16.4 million) in 2015.
Group revenues of TT$466 million (US$69 million) decreased by 11 per cent from $526 million (US$78 million) in 2015.
“The performance of the OCM Group for the year ending December 31, 2016, was significantly impacted given the prevailing economic challenges throughout the region and the continuous decline in Trinidad and Tobago, our main market,” OCM chairman Faarees Hosein said in the company’s audited financial results.
Included in OCM’s results was $10 million in non-recurring costs as a result of the restructuring of major subsidiaries.
Hosein added that while economic conditions were likely to continue, “we anticipate that our new investments along with the infrastructural improvements and efficiencies achieved during the year, will allow us to deliver satisfactory results”. (Express)
