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Mid-year payout for OCM shareholders

Shareholders of One Caribbean Media Ltd are getting paid dividends of 25 cents per share for the first half of the media group's financial year.

They will receive the same dividends as in the comparable period last year.

In consolidated unaudited results for the half year ended June 30 published today, OCM chairman Sir Fred Gollop said for the six-month period profit before tax showed a slight decline.

OCM is the parent group of Caribbean Communications Network (CCN) in Trinidad and Tobago, owners of the Express newspaper and CCN TV6.

It also owns other media interests in the Caribbean.

OCM revenues of $216.3 million (US$33.8 million) were 2.3 per cent below last year while net profit before tax was $42.4 million compared to the $44.5 million recorded in the same period in 2011, the results showed.

"Recent independent surveys in Trinidad and Tobago as well as Barbados indicate the Express, CCN TV6, Nation and Starcom continue to grow audiences and extend market leadership," Sir Fred said. "Targets are expected to be achieved during the third quarter with CCN TV6 and Grenada Broadcasting Network having exclusive broadcast and other electronic rights for the London Olympic Games."

Sir Fred said it is expected that "initiatives taken in recent months will favourably impact the group's profits during the second half of the year".

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