OCM reports on 3rd quarter

The One Caribbean Media (OCM) Group is describing its third quarter results as “credible” despite the COVID-19 mitigation measures imposed in several of its operating markets including Barbados.

According to the Barbados Stock Exchange-listed public company, revenue for the third quarter ending September 30 stood at US11. 48 million which was down from the US$11.91 million for the comparable quarter last year.

OCM, which is the parent company of Nation Publishing and Starcom Network, reported group net after tax profit for the first nine months of US$1.93 million, up slightly from the $1.57 million reported for the comparable period last year.

The group’s comprehensive income for the third quarter was US$1 million which was a reduction when compared to the US$1.29 million reported for the quarter in 2020.

In the statement which accompanied the unaudited results, chairman Faarees Hosein said the decline in net revenue of two per cent was an “improvement of nine per cent compared to last year, noting that in the comparable period in 2020, the Trinidad and Tobago market benefited from election spending”.

He added: “Positively, the companies engaged in manufacturing and provision of internet/cable services reported healthy growth in the third quarter. Additionally, the recovery in the Barbados operations which began towards the end of the second quarter continued during this period.”

Hosein told shareholders and regulators that “strategic initiatives of the group of companies progressed with the expansion of its fibre network and renewable energy projects while our digital revenues have shown steady growth.”

He also noted that with the easing of pandemic restrictions in Trinidad and Tobago, management of the media group was “cautiously optimistic” that the group will have a strong fourth quarter. (IMC1)