One Caribbean Media (OCM) says all the signs are there of an economic recovery in its main markets and the positive results are being demonstrated in the company’s financials.
Reporting on the regional media firm’s unaudited performance for the quarter ending March 31, the group had consolidated revenue of US$10.96 million and this represented an increase on the unaudited US$9.82 million for the corresponding period in 2021.
Commenting in the Chairman’s Statement, Faarees Hosein, who leads the board of directors said: “The group continues to report improvement in its financial performance in the first quarter. Recovery in our markets was recorded as restrictions associated with the pandemic were lifted.”
For the first three months, the media group accounted for US$8.27 million in cost of providing services in its various markets.
Comparatively, for the corresponding unaudited period in 2021, OCM had revenue of US$9.82 million and reported US$7.48 in cost of providing services.
The group’s operating profit for the review period was US$794, 000. This was an improvement on the US$456,000 it reported for the corresponding three months in 2021.
According to Hosein: “The growth was reflected in both the media and non-media assets, which include manufacturing, renewable energy and internet services.”
Speaking specifically to the Barbados operations, which include the Nation group and Innogen Technologies Inc, the chairman said the Innogen 250KW solar farm was commissioned in December 2021 and “steady progress is being made with construction of the 1MW solar farm, which is targeted for completion at the end of June 2022”.
The chairman added: “Management continues to elevate additional renewable energy investments to position the group to take advantage of emerging regional opportunities.”
And as the regional markets begin to emerge from the economic impacts of the COVID-19 pandemic, Hosein said the company remained optimistic that there will be further recovery.
(IMC1)
