OCM records $71.6m profit
The One Caribbean Media Group (OCM) has achieved positive results for the third quarter of 2012, OCM chairman Sir Fred Gollop said yesterday.
In a statement on the media group's consolidated unaudited results for the third quarter ended September 30, 2012, Sir Fred said net profit before tax of TT$71.6 million (US$11.2 million) increased by seven per cent from TT$66.8 million (US$10.4 million) when compared to the prior period in 2011.
"Revenues of TT$349 million (US$54.5 million) were four per cent better than last year's third quarter. Profit attributable to shareholders of TT$52.7 million (US$8.2 million) was an improvement over the TT$48.4 million (US$7.6 million) achieved in 2011, representing an eight per cent increase," he said.
"The results of our sales and marketing strategies, as well as operational efficiencies, are being realised. The Group's newspapers as well as television and radio stations continue to expand audiences and extend market leadership."
Sir Fred said during the third quarter, the acquisition of four radio stations was completed and it is expected that this will have a positive impact on future results.
"Your directors anticipate that the Group will end the year with growth in revenue and profits," he added.
OCM is the largest media organisation in the Caribbean. It is the parent company of Caribbean Communications Network (CCN) which operates TV station TV6 and publishes the Express newspapers.