ISLAMABAD, June 29: The Public Accounts Committee (PAC) appreciated the performance of PTV in its meeting held on May 25. According to the minutes of the meeting regarding discussion on para 133, “The steps taken by the new management to make the corporation economical, viable and bringing openness in policies/programmes was highly appreciated by the PAC.”

The minutes said the new management took over in May 2004 and focussed on improving the financial position of the corporation. The minutes said the PTV management took bold steps and changed some marketing and programme policies in addition to some new initiatives.

The new innovative strategies proved quite successful and PTV’s advertising revenue during the first 10 months of the current financial year increased quite significantly. In addition, the revenue from collection of license fee also improved considerably due to change in collection methodology, said the minutes provided by the corporation.

According to the minutes, the PAO further explained that as a result of new policies adopted and business focussed approach, PTV’s financial position started to turn around.

The minutes said from a loss of Rs470 million during the last financial year, the organisation had earned a profit of Rs254 million during the first 10 months of the current financial year.

Presently, the liquidity position of the corporation has improved and it has paid back long outstanding overdraft of Rs300 million to the bank, said the minutes.

The PTV management has also taken different initiatives to improve and bring openness in its various programmes of news and current affairs, said the minutes provided by PTV.

The minutes, provided to Dawn by the PTV management said the PAC directed the Principal Accounting Officer (PAO/MD PTV) to continue to make efforts to make the corporation more effective.

The minutes said the PAO and departmental representatives informed the committee that the PTV’s profitability had been declining for the last 4-5 years primarily due to a change in the competitive environment of the market. From a profit of Rs320 million in 1999-2000, it declined to Rs180 million in the following year.

The minutes made available by PTV said the profitability of the organisation further declined to Rs60 million in 2000-2003 and worst of all was the last financial year 2003-04 in which the organisation suffered a huge loss of Rs470 million. Liquidity position of the corporation was also poor and the running finances were being met through overdraft of Rs300 million from the bank for the last few years, said the minutes provided by PTV.