Guardian Media Ltd generated $29.3 million in revenue for the three months ended September 30, 2021.
This was an increase of 37 per cent ($7.9 million) compared to the revenue of $21.4 million received in the previous quarter.
“We recorded a profit before tax of $0.02 million in the third quarter following a loss before tax of $2.8 million in the second quarter. This improvement in quarterly results was driven by advertising interest in the Caribbean Premier League (CPL) and the Tokyo Olympics, which were key events,” Peter Clarke stated in the chairman’s report.
“This growth in business sector interest and spend is a clear signal that major advertisers are returning to the marketplace. GML’s aggressive push to attract and capture these revenues through our innovative products and high value offers has been of benefit,” he stated.
Revenue for the nine months ended September 30, 2021 fell by $7.3 million compared to the same period last year.
Overall revenue for the nine months ended September 30, 2021 was $73 million.
“This is a noteworthy performance in a year without national Carnival celebrations and key sectors of the economy unable to open their doors through prolonged COVID-19 restrictions,” Clarke stated.
Clarke said GML’s cost saving initiatives continue to bear fruit and expenses are lower by seven per cent in 2021 over 2002.
“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.
“We look forward to the full re-opening of the economy, as more of our citizenry get vaccinated,” he stated.