DISCUSSION: ANSA McAL chairman A Norman Sabga, left, speaks to Group finance director Aneal Maharaj and Group chief operating officer Gerry Brooks at the release of the conglomerate’s half year results at the Tatil Building in Port of Spain yesterday.
—Photo: Ayanna Kinsale
$414m profit for ANSA McAL
‘...Revenues up but costs have escalated’
PORT OF SPAIN
Even as the ANSA McAL Group has recorded an overall $414 million profit during the first half of its financial year, it has seen a slide in profits at its Guardian Media Ltd subsidiary. The $414 million ANSA McAL profit up to the period June 30 represented a two per cent increase from last year’s figure of $405 million. Speaking during a stockbrokers briefing at the Tatil Building in Port of Spain yesterday, Group chairman A Norman Sabga noted that ANSA McAL was ahead of last year.
He noted the increase in profits of the various subsidiary sectors, including manufacturing and automotive, but said the results of the media sector were not in line with company expectations. Guardian Media, which publishes the Trinidad Guardian newspaper and operates CNC3, had revenues of $96.1 million up to June 30 — an increase from the $93.8 million during the same period last year.
But profit before tax was $14.7 million — 19.2 per cent less than last year’s figure of $18.2 million.
“These results are less than our target at mid-year, but we’ve put in place what we think is a very vibrant re-energised team and we are seeing progress,” Sabga said. He added that the Group expects to see a recovery between now and the end of the year.
“Our revenues are up but our costs have escalated and the cost escalation is in buying new content...across the board (radio, television, print) we are investing in content,” he said.
“We are upgrading material in terms on content, we would like to believe that there is an improvement in the whole sector of the media in terms of viewership and readership.”