12 axed from Jamaica Observer

[Skeng DX]

Managing Director of the Jamaica Observer Danville Walker has confirmed that twelve persons were laid off at the media outlet.

Mr. Walker stated that this was part of cost cutting measures in which the company has embarked on and those that have kept their positions will have to redouble their efforts.

[Mosiah]

Hmmm, probably had a tendency to wear too much orange to work?

We know Clovis job safe. And Eva-Jean's!

[Rockman]

It can burn me how De Observer BIG up itself as the nation leading newspaper then pulls the rug from under 12 Jakans all on account of cutting cost.

[Mosiah]

Di man dem just made a US$12M payment to clear its name from some corruption charges in Turks & Caicos.

12 million....12 employees.

Yaandastan now??!

[Rockman]

Yep!
New meaning to the term a Million Man.

[Bricktop]

So they must lose money?

[Bricktop]

The Observer just made a $12 million payment?

[Mosiah]

The ATL Group of Companies includes: Appliance Traders Limited, Sandals Resorts, Beaches Resorts, Grand Pineapple Beach Resorts, Fowl Cay Resort, Private Villas by Sandals + Beaches, Red Lane Spas, The Sandals Foundation, Sandals Lifestyle, Island Routes Caribbean Adventure Tours, The Jamaica Observer Newsletter and ATL Automotive.

One bottom line.

[Bricktop]

So they must subsidize a loss making entity? Not how it works in the real world...

[Mosiah]

Which one is the loss making entity?

Newsletter is the real world?

[Bricktop]

The Observer is a loss making entity...just like the Gleaner...

[Skeng DX]

The managing director also pointed to near cash assets placing The Gleaner in good stead to take advantage of any opportunities for investment.

The Gleaner last traded on the Jamaica Stock Exchange at $1.50, valuing the virtually debt-free company at $1.8 billion.

[Bricktop]

Why don't you post the full article?

With overall sales held flat by a tight economy, and investment income tracking behind last year, The Gleaner Company's profit for the six months to June 30 fell by 70 per cent, to $42 million.

Profit from operations slipped by nearly two-thirds, to $24 million, from $71 million last year, as Group cost of sales rose by 4.5 per cent, or $35 million while other costs, including distribution and administrative expenses, were held flat.

What does the fact that they are debt-free have to do with them operating at a loss? You and Mr PPP would make a perfect couple...this is too easy

[Mosiah]

Did they make a profit last year?

[Bricktop]

ATL + The Gleaner Company both made profits...The Observer + The Gleaner did not...cyaan kick off so much face one time enuh...watch Mr. PPP run een and get knockout again