Guardian Media further into red with $3.9m loss for 2nd quarter

The content originally appeared on: Trinidad and Tobago Newsday

The Trinidad Publishing Ltd building on St Vincent Street, Port of Spain, a subsidiary of Guardian Media Ltd. – File photo/Ayanna Kinsale

Guardian Media Ltd has fallen further into the red, as it reported a $3.9 million loss for the second quarter of the year ending June 30, 2023, as compared to a $2.3 million loss for the corresponding period in 2022.

In its summary consolidated statements released on Tuesday, GML reported $24.58 million in revenue, just over $10,000 more than the revenue accrued for the same period in 2022, $24.46 million.

Operating costs of $4.6 million and finance costs of $172,000 helped to whittle down revenue to a loss before tax of about $4.9 million. For the same period the year before, GML had a loss before tax of $4.3 million.

A taxation credit of $1 million was able to buffer the losses.

The financial results continue a downward trend for the media mogul for this year as its comprehensive statements for the first six months of the year ending on June 30 revealed a loss of $8.56 million for this year, as compared to $6.25 million for the year before. In 2022 GML reported a loss of $2.7 million for the year.

Chairman Peter Clarke blamed this quarter’s financial performance on the English Premier League campaign, but said management remains focused on driving efficiencies and a continued focus on reducing controllable expenses.

“As we look forward to the upcoming quarters, we will remain vigilant in monitoring industry developments and consumer trends,” Clarke said. “We are actively reviewing our business strategies and adapting to the ever-changing media landscape.”

Clarke said directors have not recommended an interim ordinary dividend payment. Preference shareholders will receive an interim dividend of three per cent.