Tuesday, January 16, 2018

OCM posts $115m pre-tax profit


COMMENDABLE: Sir Fred Gollop

Mark Fraser

 The One Caribbean Media Group  (OCM) achieved commendable financial results in 2013 despite challenges in some of its markets, chairman Sir Fred Gollop has said.

In a statement on OCM’s audited results for the financial year ended December 31, 2013, Sir Fred noted that Group revenues increased by 12 per cent from $495 million (US$76.7 million) in 2012 to $552 million (US$85.5 million) in 2013.

Profit before tax of $115 million (US$17.84 million) was 15 per cent above the $100.4 million (US$15.58 million) achieved in 2012.

“The Group continues to focus on operational efficiencies and was able to sustain projected margins,” Sir Fred said. “In addition, new investments made in 2012 and 2013 contributed to this favourable performance.”

The OCM board of directors has approved a final dividend of 47 cents per share which will bring the total dividend declared for 2013 to 74 cents compared to 70 cents in 2012.

Payment will be made on April 30.

OCM was born in January 2006 from the merger of two of the region’s most distinguished and long-standing media enterprises, the Caribbean Communications Network (CCN) Group in Port of Spain and the Nation Corporation Group in Barbados. 

CCN comprises the Trinidad Express Newspapers, TV6, and the Grenada Broadcasting Network Ltd.