MD: PSM’s debt at MVR 261M when post was assumed

PSM’s Managing Director Zeena Zahir, on Wednesday, said the state media company’s debt stood at MVR 261 million when the new management assumed office.

Speaking at a press conference on Wednesday, Zeena cited the biggest obstruction the company faces as its high debt.

She went on to disclose the details of the debt during the press conference. In this regard, PSM owes:

• MVR 122 million to state-owned companies
• MVR 27 million to private companies
• MVR 25 million to foreign parties
• MVR 88 million in loan borrowings

Zeena noted that MVR 9 million from the debt has now been repaid.

“When we took over [the management], there was no money in PSM’s safe. I am saying there was not even MVR 7 in PSM’s safe,” she stressed.

Speaking further, Zeena said PSM’s expenditure has been reduced by 20 percent since the new management took over, adding the company earns MVR 1.5 million per month on average at present. 

“However, this is not an adequate amount in comparison to even the electricity bill. MVR 1.9 million is incurred for electricity bills alone,” she added.

Zeena said PSM, at present, only bears necessary expenses. She also revealed that efforts were underway to formulate a long-term masterplan to increase revenue.