Guardian Media Ltd (GML) has recorded a profit of $3.6 million for the quarter ended September 30, 2020.
This represents an increase of $5.3 million or a rise of approximately 312 per cent.
In the company’s financial statements GML Chairman Peter Clarke said: “Quarterly improvements were achieved from Election and CPL revenues offset by continual revenue losses brought about by COVID-19.”
Clarke added that compared to the second quarter, this quarter’s net income improved by $10.4 million, from a second quarter loss of $6.8 million to a third quarter profit of $3.6 million.
GML’s revenues reported for the quarter ending September 30, 2020 also showed improvement, registering $33.3 million – ahead of second quarter revenues of $18.6 million by 79 per cent of $14.7 million.
However, for the nine months ended September 30, 2020, GML’s revenues reported were $80.3 million compared to $83.3 million for the same period in 2019. This represented a 3.6 per cent decrease.
Although the company saw a 83 per cent increase in total comprehensive profit for the nine months ended September 30, 2020, GML still incurred a loss of $1.78 albeit lesser than the 2019 loss in the same period of $10.57 million.
Clarke noted nonetheless, that GML maintains “strong capital levels and our balance sheet remains healthy.”
He added that these results reflect the ongoing impact of the COVID-19 pandemic including reduced advertising spend from business closures, further logistical and operational challenges and the overall decline in business activity.
The Chairman expressed that during this difficult period, GML continues to place emphasis on protecting the health and safety of its employees, customers and the public.
He continued: “In spite of COVID-19 challenges faced, our results reflect early recovery from corrective measures put in place over the past two years and continued emphasis on product enhancement, sales excellence, cost containment and employee engagement.”
In the third quarter, Clarke said the company continued its thrust to keep people informed, healthy and safe during the pandemic through the airing of public service announcements, educational programming and expanded local news coverage.
“Following our exceptional coverage of the election campaign, we successfully brought the 2020 Hero CPL T-20 to our audiences in August and September,” said Clarke.