ONE CARIBBEAN MEDIA (OCM) reported a 55 per cent reduction in profits and a 16 per cent reduction in group revenue in its consolidated audited report for 2020.
In his chairman’s statement issued on Monday, Farees Hosein said its net profit before tax stood at $24 million as compared to $53 million in 2019.
“The OCM’s performance was significantly impacted by the covid19 pandemic and the lockdown measures implemented regionally,” Hosein said.
He noted, however, that the group's non-media interests, like Green Dot internet and VL Ltd, which is involved in appliance distribution, was able to turn a profit during the year.
In 2020 OCM restructured to “better align to the opportunities presented and to operate more efficiently and cost-effectively.”
The exercise resulted in a severance cost of $6.1 million.
“Without these costs the decline in the group's net profit would have been 43 per cent,” Hosein said.