One Caribbean Media Ltd has posted a profit before tax of $58.7 million for the nine-month period ending September 30, 2009.

This was 28 per cent lower than the $82.1 million recorded in the same period a year earlier.

The Port of Spain-based media group’s performance for the new period was in contrast to the buoyancy for the same period in 2008, OCM chairman Sir Fred Gollop said in a statement yesterday.

Revenues of $330 million for the nine months ended September 30, 2009, were lower by 13 per cent compared to the first nine months of 2008.

Profit attributable to shareholders of $43 million was 29 per cent less than the $60 million in the previous year.

’In the context of recessionary conditions prevailing in the global economy and in the markets served by group companies, OCM’s performance is creditable,’ Sir Fred said.

’We have reduced expenses and taken steps to restructure some of our businesses.

’At the same time we continue to hold leading market positions among readers, viewers and listeners and our websites are the most visited in the region.’

Sir Fred said the group remained confident about the future and ’we expect to see improvements in the fourth quarter of 2009’.

’While our major markets may remain relatively soft into the new year, we anticipate that there will be gradual improvement which we expect to be reflected in our core businesses,’ he said.

OCM is the parent company of the Trinidad Express and CCN TV6 as well as Hott 93.5FM.

It is also the parent company of National Publishing and Starcom Network in Barbados, Grenada Broadcasting Network in Grenada and radio stations which cover St Lucia, St Kitts, Antigua and Montserrat.