One Caribbean Media reported a 15% decline in net profit before tax, totaling TT$18.6 million for the nine months ending September 30, 2024. Group revenue also decreased by six percent to TT$222 million. Guardian Media Ltd announced a TT$10.2 million loss for the same period, marking its third quarter of losses, but showed improved performance metrics due to effective expense management and innovative product offerings.
One Caribbean Media (OCM), the parent entity of regional media outlets such as the Trinidad Express Newspapers and CCN TV6, revealed a notable decline in its net profit before tax for the nine months ending September 30, 2024. The company reported a decrease of TT$3.3 million, translating to a 15 percent reduction compared to the previous year, with net profit before tax now standing at TT$18.6 million, down from TT$21.9 million last year. Additionally, OCM’s group revenue saw a six percent drop, from TT$236 million to TT$222 million, primarily impacted by varying performance across its media divisions in Trinidad and Barbados. Faarees Hosein, OCM’s chairman, acknowledged that local government elections in Trinidad positively influenced media performance. He also noted that, despite challenges with the national grid in Barbados, both Green Dot and Flexipac demonstrated sustainable growth in revenue and profitability. On the digital front, Hosein highlighted a successful strategy to boost digital revenue across platforms, which is expected to continue fostering growth. Shareholders will receive a dividend of TT$0.06, a decrease from TT$0.10 the previous year. In contrast, Guardian Media Ltd (GML) reported a loss of TT$10.2 million for the nine-month period ending September 30, marking its third consecutive quarter of losses. GML’s revenues for the latest quarter amounted to TT$24.3 million, a slight decrease of one percent from the same time last year. However, losses before tax for GML decreased by TT$1.5 million or 29 percent year-on-year, a positive development attributed to a focused effort on expense management and innovative multimedia offerings. Year-to-date revenues have increased slightly, while the loss before tax was significantly reduced compared to the previous year. GML continues to prioritize brand reimagining and strategic investments to secure its future in the competitive media landscape.
The media industry in Trinidad and Tobago has been facing financial challenges, as evidenced by the performance reports of major media houses like One Caribbean Media and Guardian Media Ltd. These entities are experiencing declines in profit margins and overall revenue, prompting responses including cost-cutting measures and a shift in strategic focus towards digital platforms. Understanding the financial state of these organizations is crucial in analyzing the broader implications for media consumption and advertising in the region, especially amidst changing market dynamics and technological advancements.
In summary, the financial reports from One Caribbean Media and Guardian Media Ltd underscore the significant challenges facing Trinidad-based media houses, characterized by declining profits and revenues. Both companies are implementing strategies to counteract these trends, with a focus on digital revenue growth and cost management. The slight adjustments in dividends reflect the need for careful financial navigation in these uncertain times.
Original Source: www.jamaicaobserver.com