AFTER two years of losses, the Guyana National Newspapers Limited (GNNL) has returned to profitability with company chair, Geeta Chandan-Edmond hailing the performance as “quite an achievement”.

Chandan-Edmond, who has been at the forefront of reform at GNNL, announced the good news at the company’s Annual General Meeting held at Herdmanston Lodge, Queenstown, Georgetown on Wednesday.

At the end of December 2016, GNNL recorded its best performance in the last decade, raking in a profit before tax of $63.7 million, a remarkable turnabout from the $1.54 million loss recorded in 2015.

“We are optimistic that we will continue the profit-making trend in the coming years as we diligently pursue measures to enhance revenue and keeping our expenses minimal,” Chandan-Edmond said.

She pointed out that during the year, the company, robustly in pursuit of its receivables, achieved an 18 per cent reduction over that of 2015, thereby minimising risks of bad debts and allowing for a healthy bank balance of $127 million at the end of 2016.

This figure represented a 102 per cent increase from the previous year.
Persons who owe the company, she said, are being encouraged to enter into direct agreements to repay their debts within specified time periods.
“Court action is being initiated against those persons who refuse to enter into such agreements, as well as those who enter but breach them,” the chairman said.

A system has been implemented to ensure outstanding balances are carefully monitored, Chandan-Edmond told the gathering as she thanked members of the board, managers and staffers for their diligent work in returning GNNL to profitability. “Our company would not have been in this strong position had it not been for our committed and dedicated staff. One of our core strengths is the capability and experience of our team. This is born from a culture of empowering and developing our talents to succeed at every level and encouraging accountability, innovation and excellence,” the chairman said.

During the year, several departments were rehabilitated, thereby lifting staff morale. Employees benefitted from local and overseas training; bursaries were awarded to children of staffers and vendors; and the company enjoyed cordial relations with the Clerical and Commercial Workers’ Union—the union representing its workers.

Award winning journalists were also honoured.

The Guyana Chronicle, the chairman said, has a responsibility to report the news without bias and with less sensationalism than its competitors. She noted that it is also the duty of the newspaper to report on all sectors and segments of development and to promote national unity.
Chandan-Edmond praised the commitment of staff, managers and board members throughout the year and urged advertisers, vendors, readers and other customers, locally and overseas to continue to support the nation’s newspaper.

During the AGM, 26 long-serving employees whose services range from 10 to 38 years were honoured with gifts for their dedication and hard work.