MediaHouse reports net loss of $128,222 for 2011-12

MediaHouse Limited reported a loss of $128,22 for the financial year 2011-12.

The Bermuda Sun is a subsidiary of MediaHouse. 

Randy French, chairman of MediaHouse, said: “The company continues to provide both hard copy and digital directory solutions throughout the English-speaking Caribbean. 

“The diversification into digital has been challenging; however, we are seeing substantial improvement in our product offerings and revenue growth. Increasingly, the company is exploring market opportunities in Central America.”

For the financial year 2010-11, MediaHouse had a profit of $2.23m, which included a gain of $4.85m for the sale of property at 41 Victoria Street.

The company had a decline in sales from $37.73m in 2010-11 to $35.96m in 2011-12.

The printing division saw a decline in sales from $33.1m to $31.67m while the publishing division had a decline in sales from $4.08m to $3.74m.

The good news for MediaHouse was that there was a profit from operations in 2011-12 of $2.39m compared to a loss of $298k from the previous financial year. 

The company also had a net profit after taxation of $248,499. Income tax expense for 2011-12 was $2,002,918.

While there is no taxation imposed on income or capital gains by the Government of Bermuda, there are taxes payable by MediaHouse in other jurisdictions.  The company’s subsidiaries in Aruba, St Kitts, St Maarten, Montserrat, British Virgin Islands, US, Barbados, Antigua, Barbuda, Dominica, Grenada, St Vincent, Jamaica, Trinidad & Tobago and St Lucia are subject to tax on earned income.

MediaHouse Limited is the parent of the following companies: Island Press Limited, Bermuda Sun, Bermuda.com Limited, Bermuda.com Guide Limited, Global Directories Limited and Industrial Electrics and Controls Limited.