‘solid performance’: Sir Fred Gollop

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OCM posts $53m profit before tax

 One Caribbean Media Ltd (OCM) has posted a $53 million profit before tax (US$8.22 million) for the six-month period ended June 30.

This was two per cent above the $51.9 million recorded during the same period in 2013, OCM chairman Sir Fred Gollop said yesterday in a statement on the Group’s unaudited results for the half year.

“For the first six months ended June 30, 2014 the OCM Group recorded growth in both revenue and profit before tax. Group revenues of $268 million (US$41.6 million) were five per cent above last year’s $255 million (US$39.6 million),” Sir Fred said.

He added: “This was a solid performance despite the very serious challenges which we continue to face in the Barbados and Eastern Caribbean markets.”

Sir Fred said OCM directors expected that the economic challenges “will continue into the second half of the year but anticipate that growth will be maintained as a result of the strategies which we have implemented”.

OCM has approved an interim dividend of 27 cents per share (last year: 27 cents) which will be paid on September 30.

OCM is the parent company of Caribbean Communications Network (CCN) which publishes the Express newspapers and operates CCN TV6.

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