Guardian Media posts $10.2m loss
Wed,06 Nov 2024 11:30:00
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Guardian Media Ltd (GML) has reported a total comprehensive loss of $10.2 million for the nine months ending September 30, 2024, marking its third consecutive quarter of losses this year.
In addition to these financial results, GML announced the official appointment of Gerhard Pettier as managing director after serving in an acting capacity for the past 11 months. Pettier becomes the fourth person to hold the position in as many years. He assumed the acting role on December 1, 2023, following the resignation of Dr. Karrian Hepburn-Malcolm. Hepburn-Malcolm had succeeded Brandon Khan, who left in February 2023, while Khan had previously replaced A. Nicholas Sabga, who stepped down in June 2020.
“For the quarter ended September 30, 2024, Guardian Media Ltd generated revenues of $24.3 million, just $0.3 million (or 1%) lower than the third quarter of the prior year. Despite this, our loss before tax decreased by $1.5 million or 29% compared to the same period in 2023,” GML Chairman Peter Clarke stated.
“This improvement in quarterly performance was driven by our strong efforts to attract and retain revenue through our innovative multimedia products, high-value offers, and disciplined management of controllable expenses,” he added.
For the first nine months of 2024, year-to-date revenues reached $72.02 million, a slight increase over the $71.93 million recorded for the same period in 2023. “The current year-to-date loss before tax of $10.414 million is $5.8 million, or 36%, less than the pre-tax loss of $16.218 million for the corresponding period in 2023,” Clarke stated.
In addition to these financial results, GML announced the official appointment of Gerhard Pettier as managing director after serving in an acting capacity for the past 11 months. Pettier becomes the fourth person to hold the position in as many years. He assumed the acting role on December 1, 2023, following the resignation of Dr. Karrian Hepburn-Malcolm. Hepburn-Malcolm had succeeded Brandon Khan, who left in February 2023, while Khan had previously replaced A. Nicholas Sabga, who stepped down in June 2020.
“For the quarter ended September 30, 2024, Guardian Media Ltd generated revenues of $24.3 million, just $0.3 million (or 1%) lower than the third quarter of the prior year. Despite this, our loss before tax decreased by $1.5 million or 29% compared to the same period in 2023,” GML Chairman Peter Clarke stated.
“This improvement in quarterly performance was driven by our strong efforts to attract and retain revenue through our innovative multimedia products, high-value offers, and disciplined management of controllable expenses,” he added.
For the first nine months of 2024, year-to-date revenues reached $72.02 million, a slight increase over the $71.93 million recorded for the same period in 2023. “The current year-to-date loss before tax of $10.414 million is $5.8 million, or 36%, less than the pre-tax loss of $16.218 million for the corresponding period in 2023,” Clarke stated.