One Caribbean Media reported a 15% decline in net profit before tax for the nine months ending September 30, 2024, totaling TT$18.6 million. Group revenue fell to TT$222 million amidst local election benefits and renewable energy challenges. Guardian Media Ltd also faced losses this year but saw slight revenue growth driven by cost-saving initiatives. Both companies emphasize the importance of digital revenue growth for future success.
One Caribbean Media (OCM), a Trinidad-based media company, has disclosed a reduction in net profit before tax amounting to TT$3.3 million, or a 15% decline for the nine months ending on September 30, 2024, compared to the same timeframe in the previous year. Their net profit before tax was reported at TT$18.6 million, down from TT$21.9 million in 2023. Group revenue also experienced a downturn, dropping by six percent from TT$236 million to TT$222 million, influenced by various factors, including the local government elections in Trinidad and ongoing challenges within their renewable energy sector in Barbados. OCM’s chairman, Faarees Hosein, noted that while Trinidad’s media sector saw some benefits from recent elections, the renewable energy subsidiary continues to face difficulties linked to the national grid. However, areas within OCM, such as Green Dot and Flexipac, experienced consistent revenue growth. On the digital media front, OCM is witnessing positive results from strategies implemented to boost digital revenue, with ongoing efforts aimed at introducing innovative strategies to maintain this growth. In another update, Guardian Media Ltd (GML) reported a nine-month loss of TT$10.2 million, marking the third consecutive quarter of losses within the year. GML’s chairman, Peter Clarke, stated that revenues reached TT$72.02 million, a minor increase from the previous year’s TT$71.93 million. Despite the loss before tax being less severe than in the prior year, effective management of expenses resulted in a 12 percent reduction of costs compared to 2023. GML continues to focus on streamlining its brand strategies and forming crucial alliances to enhance future sustainability.
The report highlights the financial struggles faced by Trinidad-based media houses, particularly One Caribbean Media (OCM) and Guardian Media Ltd (GML). These organizations are grappling with declining profits and revenue amid market challenges and competitive pressures in the digital landscape. The emphasis on digital media as a growth area reflects the necessity for traditional media to adapt to changing consumer behaviors and technological advancements. This context highlights the broader trends impacting media businesses in the Caribbean region today.
In conclusion, both One Caribbean Media and Guardian Media Ltd are experiencing significant challenges as reflected in their recent financial reports. The decline in profits and revenues underscores the need for these companies to adapt to the evolving media landscape, particularly with an increased focus on digital strategies. Despite these struggles, there are signs of resilience, particularly in areas of consistent revenue growth within specific sectors. Stakeholders will be keen to observe how both organizations navigate these challenges in the upcoming quarters.
Original Source: www.jamaicaobserver.com
