Gleaner reports J$445m loss

(Jamaica Gleaner) The Gleaner Group reported a J$445 million loss for 2008.
The media company indicated that over 80 per cent or J$368 million of the loss was related to provisioning against the impairment of its operations in Britain, the United States and Canada in the face of the global economic crisis.
The group’s trading profit for the year was J$14.4 million on revenues of J$4.0 billion.

The company made an after-tax profit of J$98 million in 2007.
Despite the significant loss posted in 2008, the group’s balance sheet remains strong with equity of over J$2 billion, net worth per share exceeding market value, negligible debt and substantial net current assets.