GML 9-month losses reduced but still at $10.2m

COST-SAVING strategies are helping Guardian Media Ltd (GML) to progress out of the red as the media house reported a loss of $10.2 million for the year ending September 30, 2024. The results show a $2.3 million reduction in year-on-year losses, from $12.5 million in the same period in 2023.

In its summary consolidated statement of comprehensive losses, GML said it garnered $72 million in revenue for the period, an incremental increase over the same period the year before when it earned $71.9 million.

Its loss before tax was $10.4 million, a 36 per cent or $5.8 million decrease, as compared to the same period the year before, when it reported a $16.2 million loss.

For the quarter, GML reported a loss of $3.4 million, a $1.5 million or 29 per cent reduction as compared to the same quarter the year before when it reported a $4 million loss.

For the quarter, GML generated a revenue of $24.3 million, one per cent less than revenues generated for the same quarter the year before.

Chairman Peter Clarke said business strategies are beginning to have an impact on GML’s bottomline.

“Our cost-saving initiatives continue to bear fruit,” he said. “Expenses are lower by 12 per cent in 2024 over 2023. Our balance sheet metrics also continue to remain healthy.”

He said GML continues to focus on re-imagining its brands while continuing to forge strategic alliances and make necessary investments in people and products.

Ansa McAl CEO Anthony Sabga III said as shareholders, the conglomerate is encouraged by the strategies being used by the board and management team to narrow the losses.

He was speaking to reporters at Ansa McAl's office in Tatil building on Maraval Road, Port of Spain, on November 6.

“I have had sight that there are some very interesting business strategies to turn around the fortunes of the business. The management team has been bolstered, to be announced soon would be some additional appointments in that regard. We remain quite encouraged, notwithstanding the challenge that local media has seen from a financial standpoint.”

In a separate notice, GML announced the appointment of Gerhard Pettier as managing director.
Pettier has been acting in the role since Dr Karrian Hepburn-Malcolm's resignation last year.