Guardian Media records $2.3m loss

CHAIRMAN of Guardian Media Ltd (GML), Peter Clarke, has said the company has reported a $2.3 million loss for the six-month period ending June 2024, as revealed in its unaudited results released on August 8.

Despite cutting the company’s loss by half compared to last year’s reported $4.9 million loss, the company remains in the red.

Revenues for the period were $25.3 million, an increase of $.7 million over the corresponding period in 2023. Year-to-date revenues of $47.7 million are higher by one per cent when compared to the $47.2 million reported for the same period in 2023.

The company's print revenues of $23.7 million are lower by eight per cent, while multimedia revenues of $23.9 million are higher by 12 per cent.

Clarke described the growth in multimedia revenues as “encouraging” and attributed it to increased commercial interests in the company’s outside broadcasts and events, local productions, and the ICC T20 Men’s World Cup 2024, held in June.

He noted the loss before tax at the six-month interval has decreased by $4.3 million and says management remains focused on driving efficiencies and the continuous reduction of controllable expenses.

“We remain vigilant in monitoring and adapting to industry developments and consumer trends. We have also taken steps to review and restructure certain segments of our business to adapt to changing market dynamics,” Clarke said.

The statement said based on the overall performance for the half-year under review, directors have not recommended an interim ordinary dividend payment, but six per cent preference shareholders will receive an interim dividend of three per cent.

Clarke ended his statement by thanking shareholders, employees, partners, and customers for their “loyal and unwavering support.”