OCM profits decline by 15%

ONE CARIBBEAN MEDIA (OCM), the parent company of the Trinidad Express Newspapers and CCN TV6, has reported a decline in net profit before tax of $3.3 million or 15 per cent for the nine months ending September 30, compared to 2023.

Unaudited results posted on the on the Trinidad and Tobago Stock Exchange website on November 8 said net profit before tax was $18.6 million compared to $21.9 million in the prior year.

Group revenue $236 million declined by six per cent to $222 million.

Faarees Hosein, in his chairman's statement on November 7, said, "The group’s Trinidad media benefited from local (government) elections held in August 2023."

He added, "In Barbados, the performance of our renewable energy company continues to be impacted by challenges with the national grid. Green Dot and Flexipac continue to demonstrate consistent revenue and profitability growth while maintaining robust profit margins."

Flexipac, Hosein said, continues to increase its regional export volumes and forex earnings.

"This growth trajectory is expected to continue as new product offerings are launched in the coming months."

On the company's digital media performance Hosein said, "Management’s focus on implementing strategies to grow digital revenues continue to yield positive results with all of the digital platforms reporting growth. A number of new innovative strategies are being developed and are expected to further enhance the growth momentum."

Shareholders will receive a dividend of six cents compared to ten cents in September 2023.