Guardian Media incurs $3.2m loss up to March 31

Guardian Media Ltd is reporting a $3.2 million before-tax loss for the three-month period ending March 31. It is a higher loss compared to $2.2 million it incurred for the same period last year.

Its revenue declined by 1.4 per cent to $22.1 million from $22.3 million, chairman Peter Clarke said in the unaudited financial results released Thursday.

The increased use of digital platforms owing to the covid19 pandemic played a role in the shift in audience demand, Clarke observed.

"The pandemic amplified the preference which audiences have for digital and on-demand alternatives and we have been growing our digital strategy in response," he said.

The limited 2022 Carnival celebrations, with few opportunities for outside broadcasts and events, did not generate pre-pandemic advertising interest, he said.

While the lifting of most covid19 restrictions in April was welcomed by commercial sectors, any economic turnaround was tempered by a range of factors, including supply chain challenges, the Russia-Ukraine war, and the virus itself, he said.

"Economic buoyancy and advertising interest since this announcement have been tempered by inflationary pressure through global supply chain disruptions caused by the uncertainties and destruction in Ukraine, and the highly contagious nature of the dynamic covid variants."

Clarke said the print and broadcast company remained focused on content innovation and would reinforce its commercial structure and control expenses which would be key to its performance in the April-June period.