CCN reports profits of TT$2.49M (US$3.9M)
Stabroek News
April 2, 2004
The Caribbean Communica-tions Network Limited Group for the year ending December 31, 2003 made an after tax profit of TT$24.9 million, up from $18.4 million the previous year.
Earnings per share were 54 cents compared with 41 cents in 2002, an improvement of 32 per cent. Gross revenue grew from $146m in 2002 to $164m in 2003.
The Chairman Sir Fred Gollop told shareholders at the compnay's annual general meeting in Port-of-Spain, Trinidad, on March 29, 2004 that TV6 had exceeded its revenue and profitability targets and continues to dominate the television market, having won all national surveys held for the past seven years.
The station had won all of the Top Ten (10) and all of the Top Twenty (20) programmes for the two surveys concluded in 2003. Morning Edition remained the most viewed current affairs programme.
The performance of the Trinidad Express was exceptional, he said, having achieved significant growth in both revenue and profitability. The circulation of the Daily and Sunday Express had continued to climb, maintaining market dominance in sales and readership.
Sir Fred said the Group was constantly faced with new challenges as well as new exciting opportunities. These had played a major role in strategic planning "as we seek to build alliances that will ensure continued growth." To this end, in December 2003, the Group had acquired a 20 per cent interest in Guyana Publications Incorporated, publishers of the Stabroek News.
CCN's other investments in regional media companies had produced good returns. "The Nation Group in Barbados, with its strong newspaper and radio base, continues to grow year by year and in 2003 celebrated its 30th anniversary.And the Grenada Broadcasting Net-work (GBN) turned its loss of the previous year into a tidy profit in 2003." This had resulted from an improvement in the economy and tight management of expenditure, he said.