Guardian Media Limited, the Parent Company of the Trinidad Guardian and CNC 3 has reported a profit before tax of $1 million for the third quarter of 2022.
The $1 million profit represents an improved performance from the second quarter when it lost $4.3 million, but it still means the company has recorded a loss of almost $6.5 million.
In its statement to the Trinidad and Tobago Stock Exchange, its Chairman Peter Clarke said, “For the quarter ended September 20, 2022 Guardian Media Limited generated revenues of $29.5 million which improved on second quarter revenues of $24.5 million by $5 million or 20%. We recorded a profit before tax of $1 million in the quarter following a loss before tax of $4.3 million in the second quarter.”
Clarke noted that the improved financial performance and larger revenue in the third quarter was driven by earnings from the CPL.
“As in the prior year, this improvement in quarterly results was driven by advertising interest in the Caribbean Premier League which remains one of the regions key sporting and media events. This lift in commercial activity and growth in business sector interest, confirmed that major advertisers have reaffirmed their reliance on us. Guardian Media will continue to provide advertisers with access to our best in class multimedia platforms as we partner with all of our stakeholders to create value and provide credible and reliable news and compelling content.” Clarke reported.
A closer look at the financial performance show that year to date GML had revenues of $76 million which are up by $3.1 million or 4% over the $73.1 million reported for the same period in 2021.
GML’s current year to date loss before tax of $6.485 million is $1.5 million higher than the before tax loss of $4.983 million for the corresponding period in 2021.
When the numbers are disaggregated by sectors it shows that the Print segment made a loss before tax of $4.598 million for the first nine months of 2022 when compared to a profit of $2.474 million last year.
On the multi media side the loss was less pronounced with a loss of $1.887 million for the first nine months of 2022 compared to a loss of $7.457 million in the prior year.
The financials for the nine month period also showed that $18.469 million came out of the business, leaving GML with a decline in its cash balance which now stands at $13.13 million, down from over $23 million at the same time last year.
Clarke said he was pleased to note that not withstanding these results GML’s balance sheet metrics remain healthy.
