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OCM posts $40m half-year profit

ocmOne Caribbean Media (OCM) Group has reported “satisfactory” results for the six months ended June 30, 2017, despite operating in a difficult economic environment, chairman Faarees Hosein said yesterday.

During the period, the group recorded revenues of $217.6 million (US$32 million), which were one per cent less than the revenues for the same period last year of $220.6 million (US$32.4 million), Hosein said in OCM’s results for the half year.

Net profit before tax of $40 million (US$5.9 million) was achieved, a decline of five per cent for the corresponding period last year of $42 million (US$6.2 million).

This performance includes the investment in broadband, Hosein said in his statement accompanying the financial results.

“Despite the economic conditions, the group remains confident that our strategies will continue to support the delivery of acceptable results to our shareholders,” Hosein said.

OCM directors have approved an interim dividend of 27 cents per share (2016: 27 cents), which will be paid on September 29.


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