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CHAIRMAN STATEMENT
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CHAIRMAN'S STATEMENT
Sir Fred Gollop - Chairman
The Group's performance for the half year ended June 30th 2006 showed a significant improvement over thecomparable period in 2005.
Group profit attributable to shareholders of TT$33.5M (US$5.3M) was 1 03% better than the TT$16.5M (US$2.6M) for the same period last year - a period that did not
include the Nation Group. Earnings per share, inclusive of unallocated ESOP shares and the additional shares resulting from the merger with the Nation Group, were
TT$0.51 (US$0.081) cents per share, a 42% increase on the TT$0.36 (US$0.057) cents last year.
Sales and other revenue increased by 11 3% to TT$202M (US$32M). This was a result of the outstanding performanceat CCN together with the impact of the merger with the Nation
Group.
The Express maintained its dominance both in copy sales and newspaper readership on all publishing days. In addition it exceeded targets for the period. The Nation newspapers
remained the market leader and achieved their half-year targets.
TV6 remains the dominant market player with its programmes remaining the most watched in Trinidad and Tobago. The station also surpassed its half-year targets.
Starcom Network maintained its leadership in radio broadcasting in Barbados. The Systematic Media survey for May 2006 confirms that Starcom's frequencies have increased their market share to 77% from 73% taking the number 1, 2,4 and 5 positions.
Given current indicators, we are confident that the results for the second half of the year will show continued improvement. As a result of the favourable half year performance the Directors have approved an interim dividend of TT$0.25 (US$0.04) per share, as compared with ll$0.20 (US$0.03) per share in 2005, payable on August 30th, 2006.
It is expected that the planned issue of 3,000,000 shares will be made in Barbados and Trinidad and Tobago by thefinal quarter of 2006.
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