Despite a total injection of capital amounting to $135 million by the shareholder, the Government of Trinidad and Tobago, Caribbean New Media Group recorded a culminative loss of $25 million for the years 2005 and 2006, according to the financial statements of the company which were tabled in the Senate on Tuesday.

For the year 2006, Government injected $111.7 million. But the state-owned company still had a net loss of $20.9 million by the end of that year. The company earned a total of $8.8 million in revenue-$7 million from television and $2.5 million from radio.

The largest expenditure item in 2006 was salaries and wages, which constituted $8.7 million. Next in line were operating expenses-$2.4 million, repairs and maintenance -$1.1 million and consulting fees-$1 million. In terms of corporation tax, the company paid a mere $10,308 towards the Green Fund levy. The report revealed that the company spent $83.6 million in the purchase of property, plant and equipment.

According to the 2005 report, CNMG lost $4.4 million in the first year of its existence, after the Government injected $23.5 million. The largest expenditure items in 2005 were consulting fees-$2.3 million, followed by salaries and wages -$438,653, repairs and maintenance-$298,566, directors' expenses-$261,283 and legal and professional fees-$209,099. The company earned $46,335 in revenue.

The company was formed in 2005 but did not officially launch with a full programming schedule until May 2006. It was established to replace Trinidad and Tobago Television which was shut down because it was deemed to be a drain on the Treasury.