ALTHOUGH its profits ‘dipped’ in 2017, the Guyana National Newspapers Limited (GNNL) has maintained a healthy bank balance and the company is diligently pursuing measures to enhance its revenue earnings, while keeping expenses to a minimum.

Chair of the Board of Directors of the GNNL, Juretha Fernandes, told the Annual General Meeting (AGM) of the company, on Friday, at the Cara Lodge, that the company had a “sound strategy in place “and possessed a highly committed and experienced staff who were the key architects of the strategy.

In a breakdown of the company’s financial trend, in 2016, the company recorded its highest profit over an eight-year period, ‘raking in’ $62M that year.
Fernandes, in her report, said that, in 2017, the GNNL, publishers of the Guyana Chronicle, recorded a $35M profit before taxation, a figure which represented a decrease over the previous year. She said that several factors, including a decline in newspaper sales, as well as increasing administrative and publishing cost, contributed to the decline.

It was pointed out that internally-generated funds were used to purchase all raw materials, pay salaries and wages as well as meet other financial obligations. It was pointed out by the board chair that the company’s capital expenditure was funded by internally-generated funds, “without subvention from the government.” According to the 2017 financial report, advertising (73%) continued to be the major source of the company’s earnings.
The GNNL continued to ensure safety remained a major priority, Fernandes noted, as she added that the board and management of the company were committed to continue to seek ways to improve safety practices at the organisation.

Upgrades to several departments, as well as the award of bursaries to children of members of staff were among the highlights pointed out by Fernandes in her report.
The GNNL, which is state-owned, was first incorporated in December 1953 as the Guyana Graphic.
Today, in addition to printing the daily and Sunday Chronicle, the company also prints newspapers for external agencies. The sale of newsprint by-products such as end-rolls, newspaper spoils and used printing plates were other sources of the company’s revenue.