One Caribbean Media reported a 15% decline in net profit before tax to TT$18.6 million, alongside a 6% reduction in revenue to TT$222 million for the nine-month period ending September 30, 2024. Meanwhile, Guardian Media Ltd recorded a loss of TT$10.2 million, despite slightly improved revenues and a reduction in year-to-date losses. Both companies emphasize digital growth and cost management as key strategies moving forward.
On November 8, 2024, One Caribbean Media (OCM) announced a 15 percent decrease in net profit before tax for the nine months ending September 30, reporting TT$18.6 million compared to TT$21.9 million in the previous year. The group’s overall revenue also dipped by six percent from TT$236 million to TT$222 million. Chairman Faarees Hosein highlighted that while local elections benefitted the Trinidad media, the renewable energy sector in Barbados faced challenges due to national grid issues. Despite revenue declines, OCM’s digital media efforts are showing promising growth. Concurrently, Guardian Media Ltd. (GML) registered a loss of TT$10.2 million for the same period, although revenues of TT$72.02 million slightly surpassed the previous year. Chairman Peter Clarke noted a significant reduction in losses and improved cost management, with a focus on innovative multimedia products and brand reimagining.
The current financial results reported by One Caribbean Media and Guardian Media Ltd reflect the ongoing challenges faced by media companies in Trinidad and Tobago. The decline in profits is attributed to fluctuating market conditions and increased operational costs. Notably, the performance of digital media platforms and diversification into renewable energy are vital strategies for these companies looking to maintain profitability in a competitive landscape. Such financial updates are critical for stakeholders, both for understanding market health and for guiding future investments.
In summary, One Caribbean Media and Guardian Media Ltd are experiencing financial pressures, resulting in declines in net profits and challenging operating environments. However, advancements in digital media and strategic cost-saving measures present opportunities for recovery and growth. Both companies remain focused on innovation while navigating the complexities of the media industry in the Caribbean.
Original Source: www.jamaicaobserver.com
