In its unaudited results for the three months ended March 31, 2021 Guardian Media Ltd suffered a reduction in revenue of $5.9 million or 21 per cent and also recorded a loss before taxation of $2.2 million.
Chairman Peter Clarke said revenues for the three months were $22.4 million.
“Year-over-year decline in revenue performance was due to continued impact of COVID-19 and resulting cancellation of Carnival,” Clarke said.
He said the loss before taxation of $2.2 million was incurred versus a $1.9 million profit in the prior year, adding that expenses fell by seven per cent year over year.
However, Clarke said the company maintained strong capital levels and healthy balance sheet metrics.
Noting that COVID remained a great concern, both locally and globally, Clarke assured, “As the Government and our citizenry weather this situation, Guardian Media will continue to be a strong partner in serving our communities and keeping people informed.
“We have all necessary measures in place to keep our essential multimedia operations running without interruption, whilst protecting the health and safety of our employees and customers. Despite the challenges faced in first quarter from COVID-19, we continued with our focus on strengthening our commercial structure, further reducing content through introduction of new innovative virtual media solutions,” Clarke added.
He said the company continued to manage its capital with the prudence that the current crisis requires.
“Considering the concerning spike in Coronavirus infections locally and recently imposed additional restrictions, we will continue to experience further revenue challenges into the second quarter,” Clarke said.
He added that while the current environment seems uncertain and the path to normality prolonged, he is confident that the company can make a positive contribution in this crisis, thanks to its loyal audiences, wide multi-media reach, close client relationships and capital strength.
Clarke also thanked the Guardian Media team for rising to meet these challenges while adjusting to altered work and personal routines to ensure that we move quickly and carefully to address the rapidly evolving economic and social circumstances.
“We again wish to thank our customers, audiences, advertising partners and shareholders for their loyalty and continuing support during the first quarter of 2021,” Clarke added.