ONE Caribbean Media Ltd (OCM) has recorded a solid financial performance for the first quarter of 2020.
Net profit of TT$8.5 million (US$1.2 million) improved by 15 per cent over the comparative period in 2019 notwithstanding a revenue decline of four per cent, OCM chairman Faarees Hosein said in the group’s unaudited results for the first quarter 2020 published today.
“Group revenues were impacted in all territories as a result of the closure of businesses in mid-March in light of the measures implemented by the respective governments to control and contain the spread of Covid-19,” Hosein said. “It is expected that these revenues will continue to be challenged during the second quarter as Covid-19 regulations remain in force.”
Hosein said developments are being closely monitored and the group’s operations are being adjusted to “ensure operational efficiency and to maintain quality service to our customers”.
He stated: “We remain confident that with the commitment of our teams and the business continuity strategies implemented, we are prepared to manage the foreseeable challenges while we continue to observe all recommended protocols and measures to ensure the health and safety of our employees and customers.”
OCM is the parent group of the Trinidad Express and CCN-TV6.