Guardian Media Ltd (GML) reported a $4 million loss for the quarter ending September 30 as revealed in its unaudited results released on Tuesday.
The loss adds to the downward slide of the company’s revenues for the year.
Revenue for the quarter stood at $24.6 million as compared to $29.4 million for the corresponding period the previous year.
GML took another hit from operating activities, recording a loss of $5.1 million as compared to a profit of $1.2 million the year before.
Added finance costs brought the loss before tax to $5.3 million.
However, the company got a $1.2 million dollar tax credit, which reduced the losses to $4 million for the quarter.
For the year so far, GML earned $71.9 million, a reduction in yearly revenues of $4 million or five per cent when compared to the $76 million reported for the same period in 2022. Operating activities and finance costs for the year reduced revenues to result in a loss after tax of $12.5 million, more than double the loss incurred for the same period the year before, which was $6.4 million.
Chairman Peter Clarke said print segment revenues were down by ten per cent while revenues for multimedia have declined by one per cent.
“The multimedia revenues and profitability were negatively impacted by the lower than expected commercial interest in the English Premier League campaign and the costs of those rights,” he said in the chairman’s statement.
He added that there was an increase in fixed operating costs.
He noted that the metrics remain healthy as investments in digital technologies are yielding results.
“Digital revenues have almost doubled at the nine-month interval over the corresponding period,” he said. “This is an encouraging result as we continue to pursue new and emerging revenue streams while relentlessly pursuing all opportunities to improve performance across all areas of the business.”