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More revenue for GML from World Cup
Revenue from television rights for the World Cup is expected to improve Guardian Media Limited’s (GML) financial position in 2018, chairman Peter Clarke said yesterday. The increased revenue is the result of an agreement signed in 2015 with DirecTV for free-to-air television rights in T&T of FIFA events, including next month’s World Cup in Russia.
He said CNC3 would be broadcasting live football in high definition on “television and digital platforms, together with radio commentary, multimedia content and full newspaper coverage of events.”
Clarke’s projection of better results follows on the financial year ended December 31, 2017, when the company posted a loss of $3.1 million. However, he did not offer further details when he addressed shareholders at GML’s Annual General Meeting at the Kapok Hotel, Maraval, other than to say having the rights will contribute positively to revenue in December 2018.
The chairman also told shareholders that during the financial year, the company generated $19 million in operating cash, while total assets amounted to $354 million.
“The country’s economic slowdown has had a considerable impact on advertising spend across all sectors, a local reflection of a global down turn in traditional media advertising,” he added.
In the annual report, which has been posted to the T&T Stock Exchange, Clarke said the company had implemented a number of planned structural changes necessary to remain competitive, including a redesign of the newspaper.
“Parallel to this, the country’s economic slowdown has had a considerable impact on advertising spend across all sectors—a local reflection of a global downturn in traditional media advertising.
“As a result, revenues reported were $138 million ($164 million—2016) reflecting a decline of 16 per cent, whilst a before tax loss of $2.2 million ($16 million profit—2016) was incurred,” he said.
Managing Director Nicholas Sabga announced a new corporate social responsibility in the area of recycling that is currently being tested internally.
Sabga said the company wants to change attitudes about recycling and plans to eventually broaden the initiative to the wider public, including shareholders.
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