PBS registers marginal profit

The Annual General Meeting of the company Public Broadcasting Services Ltd. approved the financial statements audited by its independent auditors for the year October 2014- September 2015. The results show a marginal profit before depreciation, amortisation, interest and taxation when compared to those of 2014 and 2013 when the company had invested heavily through a bank loan.

The main government shareholders were represented by appointed officials from Malta Government Investments and the Ministry for Justice, Culture and Local Government.

These annual accounts and the Management Letter submitted by the auditors confirm the company's high standards of governance and accountability, PBS said.

The AGM noted that the improved financial performance was achieved in a context of growth in the television, radio and website pillars, current affairs programs, the flagship news bulletins, culture, drama, sports and entertainment, in addition to the new investments in the website tvm.com.mt with updated services in Maltese and English.

In this same timeframe PBS organized successfully the high profile international event - the Junior Eurovision Song Contest registering an outstanding organizational success that earned the prestigious certificate of recognition by the European Broadcasting Union.

The revenue from commercial activities and sponsorships registered a positive outcome that proceeded with its strong rhythm in the October-December 2015 period with a positive outlook. This revenue reinforcement led PBS to address the financial challenge that according to the official report by the EBU, Malta's national broadcasting enjoys the lowest annual contribution by the government in all its members with approximately 34% while the remaining financial resources are generated through the company's commercial strategy for its financial sustainability.

The Chairman of the Board of Directors of PBS, Tonio Portughese, moved a motion on behalf of the board thanking Chief Executive Officer Anton Attard, the management, employees and partners in the attainment of this positive result in its operations. At the same time PBS achieved excellent results in the Broadcasting Authority's Quality and Audience Surveys, underlining in particular the fact that in the last two years it kept increasing its audiences and that TVM news bulletins enjoy more than 90,000 televiewers, a status of Excellence that reflects the ongoing growth in the trust and credibility of the public service media provider.