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Radio Jamaica Ltd records less profit in third quarter

The RJRGLEANER Communications Group recorded less profit in its third quarter ended December.
 
The company, which trades on the Jamaica Stock Exchange as Radio Jamaica Limited, made $56.26 million after meeting tax obligations.
 
This was driven by higher "other income", which came to $204 million versus $13 million in the prior year. The gains came from the revaluation in Investment properties and investment income.
 
For the October to December period in 2022, Radio Jamaica limited made $391.8 million after tax.
 
The RJRGLEANER Communications Group's revenue was 3 per cent lower, coming in at $1.41 billion for the quarter ended December, compared to $1.45 billion in the prior year.
 
This was linked to a decline in income from "Print", along with the "other" segment.
 
Despite the third quarter profit, Radio Jamaica's nine month results showed a $46.4 million loss.
 
Lower revenues were also registered for the nine months to December.
 
Low advertising spend continues to be the main pain point.
 
The company says it is prioritizing cost containment and revenue enhancement.


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