JNN, RETV relocated to HQ
Published:Friday | January 13, 2012 | 12:00 AM
The RJR Communications Group has relocated its cable businesses to its home base on Lyndhurst Road, cutting 31 jobs in the process.
Jamaica News Network (JNN) and Reggae Entertainment Television (RETV) previously operated from leased space in Little Premier Plaza on Constant Spring Road.
The job cuts were executed as redundancies, early retirements, contract termination and non-renewal of contracts, RJR said in a market filing.
RJR has owned the two cable companies since 2006. The businesses are held under an offshore company, Media Plus Limited.
The communications company headquarters on Lyndhurst Road called Broadcasting House, is already home to its studios and corporate offices. RJR is in the business of free-to-air television, cable stations and radio.
The group's disclosure to the Jamaica Stock Exchange said changes were also made to improve efficiencies across news, sports, administration, engineering, multimedia and information technologies. The changes were not specified. The reorganisation follows a poor half-year performance for RJR, who earnings per share were down to nine cents at September 2011, compared to 20 cents in the HY period a year earlier. RJR said the 2010 period benefitted from the one-off gain from the sale of a property asset.
Revenue in each of the two main business segments, audio visual and radio, were marginally lower at half-year - totalling J$919 million - but operating profit plunged to just above a third of 2010 levels at J$57 million, compared to J$197 million.
RJR last cut 32 jobs in 2009, then citing the fallout from the global economic crisis.
At that time, RJR said it was moving the company to a model of greater outsourcing of services to reduce the size of its permanent structure and cut recurring expenses in the midst of a soft advertising market.
A year earlier in March 2008, it also consolidated its cable operation and appointed a new general manager, Yvonne Wilks, to spearhead the division. In that same year adjustments were made to the management structure.