(Trinidad Express) The One Caribbean Media Ltd Group of Companies has posted revenues of $474 million for its financial year ended December 31, 2010.
This was an increase of three per cent from the $460 million recorded in 2009.
“Despite the continuing macroeconomic challenges in our major markets, the OCM Group of Companies produced satisfactory operating results in 2010,” chairman Sir Fred Gollop said in a statement yesterday.
OCM’s operating profit of $88.8 million includes a provision of $7.4 million.
This reflected an impairment in available for sale investments.
As a result, profit before tax and goodwill impairment of $92.2 million was nine per cent below the $101 million achieved in 2009, Sir Fred said. With respect to goodwill, under current reporting standards, this asset of $244 million has to be subjected to an annual valuation, Sir Fred said, adding that OCM directors acknowledged that the trends in media technology and the use of Internet-based media are having an impact on paper-based media applications.
