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GML reports after tax loss

Published: 
Friday, August 11, 2017

Guardian Media Ltd (GML) has reported an after tax loss of $267,000 for the six months ended June 30, 2017 according to its pub­lished financial results.

Peter Clarke, in his first chairman’s statement accompanying the finan­cial report stated that the company was reaching another key stage in its restructuring plan and is proceeding with the cost reduction required to adjust the business to T&T’s “new economic reality.”

He said, “we are still in a transition­ary stage and remain optimistic, as we combine our efficiency drive with the development of new revenue lines and gains in overall sales through our mul­timedia strategy.”

Despite the financial results, Clarke said the board was pleased with the stronger results in the second quarter of the year as “the cost control meas­ures implemented so far begin to take effect.”

He added that “due to the Business Levy and Green Fund tax charges, the after tax results for the first six months of the year show a loss of $0.27 mil­lion.”

Commenting on 2017 being GML’s centenary year, Clarke said that the company has plans to “mark GML’s unique heritage while positioning it as the primary news and information source for generations.”

Clarke added that despite the tough trading environment and the difficult decisions being made in 2017, the com­pany is confident of its strength and therefore an interim dividend of $0.10 per ordinary share and 4 per cent for preference shares will be paid on No­vember 6, 2017.