Good OCM showing

Published: May 1, 2008

One Caribbean Media shareholders are benefitting from the media group's improved first quarter performance this year.

The group's performance for the first quarter ended March 31, 2008 was a distinct improvement over the comparable period last year, OCM chairman Sir Fred Gollop said in the group's unaudited financial statements published yesterday.

Profit before tax of $20 million was 19.6 per cent better than $16.7 million last year.
Group profit attributable to shareholders of $14.6 million was also 16 per cent better than the $12.6 million in the first quarter of 2007.

Earnings per share, inclusive of unallocated ESOP shares, were $0.22, a 16 per cent increase on the $0.19 in 2007.

Sales and other revenue of $116 million for the quarter reflect an increase of 12 per cent over the $103 million during the corresponding period in 2007.

The integration of radio stations acquired in Trinidad, St Lucia, St Kitts and Antigua within the OCM group proceeded seamlessly, Sir Fred said.

OCM recently won the exclusive right to produce and distribute Jamaica's first Annual Reggae Awards. This programme will be distributed worldwide.

Sir Fred said: "Despite concerns about regional economies, we have put initiatives in place which we anticipate will translate into improved results over 2008."

Source:
Curtis Rampersad
Trinidad and Tobago Express
http://www.trinidadexpress.com/index.pl/article_business?id=161317207