Business

One Caribbean Media profits up

Friday, March 30, 2012    

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THE One Caribbean Media Group has produced a profit before tax and goodwill impairment of TT$95.5 million (US$14.9 million) for its financial year ended December 31, 2011.

This was 3.5 per cent higher than TT$92.2 million (US$14.4 million) before-tax profit achieved in 2010, OCM chairman Sir Fred Gollop QC said in a statement earlier this week.

"The OCM Group of Companies produced satisfactory operating results in 2011 in spite of adverse economic contractions in our markets," he said.

As a result of "ongoing macro-economic challenges", revenues across the group decreased by five per cent from TT$474 million (US$74 million) in 2010 to TT$451 million (US$70 million) in 2011, Sir Fred added.

"The group continues to focus on its operational efficiency and was able to improve its net profit margin before goodwill impairment from 19 per cent to 21 per cent," he said.

OCM directors have approved a final dividend of 43 cents per share, resulting in a total of 68 cents for the year.

This is an increase of seven cents on 2010.

The dividend will be paid on April 30.

The group's annual general meeting will be held on May 11 at 10 a.m. at Express House, Independence Square, Port of Spain.

OCM was formed in January 2006 from the merger of regional media enterprises Caribbean Communications Network (CCN) Group (Trinidad and Tobago) and the Nation Corporation Group (Barbados).

CCN owns TV6 and the Express Newspapers.

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