Guardian Media Limited has recorded a “noteworthy performance despite the prolonged COVID-19 restrictions, and their impact on advertising revenue,” chairman Peter Clarke has stated.
Clarke made the statement as the company published its unaudited financial results for the six months ended 30 June 2021.
“The second quarter’s revenue challenges which we predicted after the end of the first quarter of 2021 materialized. The Guardian Media team, responded to the pressure with innovative strategies in marketing, sales, and content development despite the difficulties that persist in extracting advertising revenue from the marketplace. Agility and innovation are key to our continuing commitment to serving the nation and keeping people informed, “ he stated.
Clarke said for the quarter ended 30 June 2021 GML generated revenues of $21.4 million.
This trailed first quarter revenues of $22.3 million by $0.9 million or four per cent.
“We recorded a loss of $2.3 million in the second quarter following a loss of $2 million in the first quarter,” Clarke stated.
Clarke said the decline in quarterly results was driven by the fallout of advertising revenues from customers which remained closed through the curfew and state of emergency measures in place nationwide.
Year-to-date revenues of $43.8 million are down by $3.1 million or 6.6 per cent over the $46.9 million reported for the same period in the prior year.
The current year-to-date loss of $4.4 million is $1.1 million less than the loss of $5.5 million over the corresponding period in 2020.
“Our cost saving initiatives have come to fruition and continue to improve our bottom line performance. Expenses continue to be managed tightly and are lower by seven per cent in 2021 over 2020,” Clarke stated.
“I am pleased to note that notwithstanding these results, our balance sheet metrics remain healthy. We continue to manage our capital with the prudence required to ensure that we endure these challenging economic circumstances,” he stated.
Clarke said given the loss position and the continuing uncertainties around the pandemic, GML’s directors have not recommended an interim dividend payment in respect of the six months ended 30 June 2021.
Six per cent Preference Shareholders will receive an interim dividend of three per cent.
“We are optimistic that increased availability of vaccinations and the relative ease in acquiring same, will encourage more and more of our citizenry to insulate themselves from the rampant devastation, which is all pervasive, as we strive for herd immunity. We salute our employees for their selflessness, courage and resilience and thank our shareholders, customers and advertising partners for their loyalty and unconditional support,” Clarke stated
Guardian Media is the parent company of the Trinidad Guardian Newspaper.