PORT OF SPAIN, Trinidad- (CMC) The Trinidad-based One Caribbean Media (OCM) Friday reported a decline in net profit before tax of TT$3.3 million (One TT dollar=US$0.16 cents) or 15 per cent for the nine months ending September 30, compared to same period last year.

OCM, the parent company of several regional media outlets, including the Trinidad Express Newspapers and CCN TV6, said net profit before tax was TT$18.6 million compared to TT$21.9 million last year.

The unaudited results posted on the Trinidad and Tobago Stock Exchange website on Friday indicated that group revenue of TT$236 million declined by six per cent to TT$222 million.

“The group’s Trinidad media benefited from local (government) elections held in August 2023. In Barbados, the performance of our renewable energy company continues to be impacted by challenges with the national grid. Green Dot and Flexipac continue to demonstrate consistent revenue and profitability growth while maintaining robust profit margins,” said OCM chairman, Faarees Hosein, in his chairman’s statement.

On the company’s digital media performance, Hosein said, “management’s focus on implementing strategies to grow digital revenues continue to yield positive results with all of the digital platforms reporting growth. A number of new innovative strategies are being developed and are expected to further enhance the growth momentum.”

Shareholders will receive a dividend of TT$0.6 cents) compared to TT$0.10 cents in September last year.

Meanwhile, Guardian Media Ltd (GML) has reported a loss of TT$10.2 million for the nine months ended September 30, this year, the third consecutive quarter of losses this year.

“For the quarter ended 30 September 2024 Guardian Media Ltd generated revenues of TT$24.3 million, or one per cent lower than the prior year’s third quarter. Notwithstanding this, our loss before tax decreased by TT$1.5 million or 29 per cent compared to the similar 2023 period,” said GML’s chairman, Peter Clarke.

“This improvement in quarterly performance was driven by our aggressive push to attract and retain revenues through our innovative multimedia products, high value offers and tight management of controllable expenses.”

Clarke said that for the first nine months of the year, year-to-date revenues reached TT$72.02 million, slightly above the TT$71.93 million reported for the same period last year.

“The current year-to-date loss before tax of TT$10.414 million is TT$5.8 million or 36 per cent less than the loss before tax of TT$16.218 million generated over the corresponding nine-month period in 2023.

“Our cost saving initiatives continue to bear fruit and expenses are lower by 12 per cent in 2024 over 2023. Our balance sheet metrics also continue to remain healthy. Guardian Media Limited remains focused on reimagining our brands, while continuing to forge key strategic alliances and making the needed investments in people and products to safeguard our future,” Clarke said.