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7Whilst the pandemic brought unprecedented challenges to the media industry in 2020, it also provided opportunities from the resulting transformations in digital media and business processing. Against a backdrop of revenue challenges resulting from market disruptions, shrinking advertising budgets, economic uncertainties and COVID-19, management has worked diligently during the year to navigate the challenging market environment and mitigate pandemic effects through significantly reducing cost and launching innovative virtual media solutions designed to satisfy the new needs arising from the pandemic. For the year ending December 31, 2020, Guardian Media reported a profit before tax of $7 million compared to a $7.1 million loss in the prior year. Revenues reported for the year ending December 31, 2020 were $110.6 million ($120.3 million %u2013 2019) reflecting a decline of $9.7 million or 8% in advertising revenues due to COVID-19 challenges offset by one-off election revenues. Our focus on growing bottom-line results from costs savings initiatives and improving the efficiency and effectiveness of our operations contributed to a year-over-year reduction in expenses by 17%. Balance sheet metrics remain healthy and our capital levels provide us with the strength to endure challenging times as well as to invest in the future.I am extremely proud of the commitment all our employees have demonstrated through the difficult times brought on by COVID-19. The health and safety of our employees, customers and the public remain our first priority during this period of global health and economic crises. We continue with our business continuity plans with work-from-home arrangements put in place for a substantial number of our employees. As the pandemic continues to impact our Company and our employees, we are constantly looking at what we need to do to continue to operate in the new, but constantly changing environment.GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2020