$21m in profit for OCM group

Published: Friday October 24, 2008

One Caribbean Media Ltd has posted a group profit for the third quarter of 2008 of $21 million.

This was 16.7 per cent higher than profits recorded in the third quarter of 2007, OCM chairman Sir Fred Gollop said yesterday.

The third quarter results brought group profit attributable to shareholders for the first three quarters of 2008 to $60.4 million, 14 per cent higher than the out-turn in the corresponding period in 2007.

OCM is the parent company of the CCN Group of Companies, which includes the Express newspapers and the TV6 television station.

The group achieved solid sales growth in the third quarter of 14 per cent, compared to the third quarter of 2007, while for the first three quarters of 2008, sales and other revenue were 12 per cent higher than in 2007.

Earnings per share, inclusive of unallocated ESOP shares were $0.91, a 14 per cent increase on the $0.80 achieved in 2007.

"While we remain confident that our full year targets for 2008 will be met, we acknowledge that the global and regional economic environments have taken an adverse turn," Sir Fred said in a statement. "As such, we must intensify our focus on cost containment while the quality of the content we provide to our loyal audiences is maintained."


Source: Trinidad Express Newspapers
http://www.trinidadexpress.com/index.pl/article_business?id=161392065