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Media industry still feeling effects of Jamaica's weak economy.
“While there are some signs that the economy may be emerging from a long recession, this has still not yet translated into robust activity, including spending on advertising, which is a crucial part of our income stream,” said Gleaner Managing Director Christopher Barnes.
Despite the mild second quarter uptick in sales, Gleaner company officials say, like the wider media industry, it is still feeling the effects of Jamaica’s weak economy.
“While there are some signs that the economy may be emerging from a long recession, this has still not yet translated into robust activity, including spending on advertising, which is a crucial part of our income stream,” said Gleaner Managing Director Christopher Barnes.
In the current environment, controlling costs, which The Gleaner Company has managed tightly in recent years, remains an important focus for the newspaper.
The managing director added: “The company is however going through an exciting phase of a full transition to multimedia capability and the resulting enhancement of its digital platforms. We have revamped and launched several of our digital offerings this year, including our online classifieds (www.gleanerclassifieds.com), our videos section (http://jamaica-gleaner.com/videos/) and our incomparable first in the Caribbean BlackBerry news application (http://jamaica-gleaner.com/pages/getmobile). These new offerings when added to our leading positions in print, online and niche radio, and the commitment of a dedicated and innovative Gleaner team, position us well for the future.”
With $71-million profit from operations bolstered by a second-quarter hike in finance income, The Gleaner Company’s six-month pre-tax profit moved to $188 million. Profit after taxation for the period was $143 million.
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