Monday, July 28, 2008

OCM half-year profit $53m

Published: Monday July 28, 2008

One Caribbean Media Ltd, the parent group of the Express newspapers and TV station CCN-TV6, has posted strong profits for the first six months of its financial year.

The group's profit before tax of $53 million was a 15 per cent improvement over the $46 million in the corresponding period a year earlier, OCM chairman Sir Fred Gollop said in published unaudited results yesterday.

OCM Ltd also has media interests in Barbados.

Profit attributable to shareholders stood at $39 million, 14.7 per cent higher than the $34 million in 2007.

The profits were driven primarily by revenue growth of 12 per cent from the $245 million for the six months under review, compared to $219 million in the first half of 2007, Sir Fred said in his chairman's review.

Earnings per share were $0.59, up 13 per cent from $0.52 in 2007.

"Given current indicators, your directors expect that the results for the second half of the year will consistent with the pattern of previous years, where most of the growth in revenue and profits occur in the second half," Sir Fred said.

He also noted the retirement of chief executive, Craig Reynald, and his succession by Dr Terrence Farrell as new CEO and director of the OCM Group.

Farrell said yesterday the group had a solid first-half performance with revenues and profitability up strongly in both the Trinidad and Barbados media subsidiaries.

"Both companies in Trinidad-the Express and TV6-performed well; particularly the Express and the Barbados firms performed well also," he said.

Directors have approved an interim dividend of $0.26 per share, which will be paid on August 28 to shareholders on record as at August 18.

Source: Trinidad Express Newspapers

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