Falling oil prices put the Government in a difficult situation, economist Dr Ronald Ramkissoon said yesterday. Commenting on the decision by OPEC not to reduce output, he said: "An oil economy must
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Company earned record $201m in revenues—Kissoon
Guardian Media Ltd (GML) has declared increased dividend of $0.60 for the period ended December 31, 2013. The amount represented a 9.1 per cent increase compared to 2012. Cash and cash equivalents increased at the end of 2013 from $134 million compared to $127 million at the beginning of 2013.
Speaking at yesterday’s annual general meeting held at the Raddison Hotel, Wrightson Road, Port-of-Spain, GML chairman Grenfell Kissoon said: “We have been able to merge as the leading television station in T&T-that is being competitive. We have come into the market (in 2005) and we are the number one news programme,” he said. The company is also reporting the highest revenues attained in the history of the company.
“We achieved revenues of $210 million, the highest in the history of the company, and income before tax of $58.8 million. These results represent 12 per cent and 26 per cent growth, respectively, over the comparative period.” Assets for the company also increased from $365 million in 2012 compared to $393 million, which represented a 7.5 per cent increase. Going forward into 2014, Kissoon anticipated that “GML has targeted a number of new investments for 2014/2015.”
Earnings per share increased by 27 per cent for the period ended December 31, 2013. In the annual report, then managing director Gabriel Faria said the company experienced its “best financial performance” for the past six years.
“Our profit before tax was up 26 per cent on prior year, with all divisions showing increases. Profit before tax as a percentage of sales was the highest in the industry—28 per cent. This was driven by improved content across all our media divisions, allowing us to maximise our share of the available revenue in the market, driven mainly by the number of elections.” In his chairman’s statement, Kissoon said that overall, the company experienced its “best” financial performance since the global economic downturn in 2008.
“The significant factors impacting this performance were the emergence of CNC3 as the leading television station in T&T, the continued dominance of the radio division in its sector, the generation of new products at our print division and increased revenues from four election campaigns,” Kissoon said. After ten years of service as chairman, Dennis Gurley retired effective August 2013.