Guardian Media Ltd recorded $20,000 in profits before tax in the third quarter of the year ending in September, which is an upswing from the previous quarter, when it recorded a loss of $2.8 million.
The figures were revealed in GML’s consolidated financial report, published on Wednesday.
Chairman Peter Clarke said the improvement of revenue were a result of heightened advertising interest in the Caribbean Premier League and the Tokyo Olympics.
“This growth in the business sector interest and spend is a clear signal that major advertisers are returning to the marketplace,” Clarke said. “GML’s aggressive push to attract and capture these revenues through our innovative products and high-value offers has been of benefit.”
Current year-to-date loss before tax now stands at $4.9 million, $2.9 million more than the loss before tax of $2 milliion over the same period last year. But Clarke said balance-sheet metrics are still healthy. Cost-saving initiatives reduced expenses by seven per cent.
Clarke added the year-to-date revenues stand at $73 million – nine per cent lower than last year’s year-to-date figures of $80.3 million.
“We continue to manage our capital with the prudence required to ensure that we endure the challenging economic circumstances. We look forward to the full reopening of the economy, as more of our citizenry get vaccinated.”