Guardian Media’s Core Business Of Advertising Revenue Continues To Be Impacted By A Significant Contraction In Advertising Spend By Businesses And State Organizations Due To The Challenging Economic Environment.
The Guardian Media Group is reporting revenues for the full year 2018 of TT$128 million, much lower than the $138 million reported for 2017, reflecting a decline of 7%.
Guardian Media also suffered a reduced before tax loss of TT$962 thousand, compared to the $2.2 million loss reported for 2017.
The Company’s results benefited from a year-over-year decline in operating expenses of 22% due to the prior year’s investments in efficiency improvements and internal restructuring.
For the quarter ending December 31, 2018, the Company recorded net income of $3.2 million, which represents the highest quarterly results generated in two years and a solid improvement to performance by $1.3 million or 70% when compared with net income of $1.9 million for the same period last year.
Quarterly results have improved in the fourth quarter by more than a 100% or $4 million from the reported loss of $0.8 million made in the third quarter.
Balance sheet metrics remain healthy and capital levels provides strength to endure challenging times as well as to invest in the future.
Commenting further on the results Chairman Peter Clarke reported that the Media Group was still in the process of implementing fundamental structural changes to transform operations from a traditional media house to a multi-media house.
Until they are fully equipped for the digital media landscape and investments are fully deployed in revenue generation, losses will be incurred he reported.
Guardian Media’s core business of advertising revenue continues to be impacted by a significant contraction in advertising spend by businesses and state organizations due to the challenging economic environment.
Notwithstanding this, Guardian Media is starting to see the results of fundamental structural changes put in place over the past two years and the Company is expected to be fully equipped for the digital media landscape in the latter part of 2019.
Guardian Media operates a range of media services incorporating all aspects of both traditional and digital media through a diverse brand portfolio of seven radio frequencies, publisher of the Trinidad Guardian and Sunday Guardian, fifteen digital billboards, a leading TV station and a growing digital portfolio.
Digital successes to date include wider reach to their audiences through 1.2 million connections daily.
Given the loss position and that the Company is not yet fully positioned for the digital media landscape, the Board is not recommending a final dividend payment in respect of the financial year ended 31 December 2018.
Interim dividend paid of $0.10 per share ($0.10 – 2017) brings the total 2018 dividend to $0.10 per share ($0.60 per share – 2017).