Guardian Media reports $7m profit for 2020

It's good news for Guardian Media Ltd, as its financial reports indicates about $7 million in profits, as compared to a loss of $7.1 million in 2019.

Chairman Peter Clarke in his statement thanked management and staff for their commitment to the local media powerhouse.

“(There is) special appreciation to our employees for their courageous and non-stop efforts in serving our communities in these unprecedented times,” Clarke said.

The report indicated that Guardian Media garnered $110.6 million in 2020 as compared to $120.3 million in 2019 – an eight per cent decline in advertising revenues – blamed on challenges attributed to covid19. However, the decline in advertising revenue was offset by one-off revenues garnered through advertising connected to the 2020 general election.

Guardian Media also had a strong finish to the year, reporting a profit of $9 million before tax in the last quarter, up by $3 million or 51 per cent from 2019's quarterly reports for the same period.

Although covid19 was still affecting its revenues, Clarke said the media house benefited from intensified cost-cutting, efficiency improvements, credit management and a net change in its pension plan.

Clarke added that the board of directors has approved the final dividends on shares, bringing it up from nil the year before to $0.05 per ordinary share. He added that six per cent preference holders will get a final dividend of 3 per cent. Dividends are expected to be paid on June 16.