Privatization and Corporatization Board (PCB) has advised state media, Public Service Media (PSM) to cut down on their employees.

PCB's advise comes during a time when company profits have hit a low due to increased operating costs.

Recent statistics reveal that the company profits had plummeted a whopping 4,880% in the first quarter of 2019, in comparison to the final quarter of the previous year. PSM made profits of MVR 11.9 million in Q4 of 2018, while they made merely MVR 6.1 million during the first quarter of 2019.

The statistics did reveal reductions in operating costs of the company; in Q4 of 2018 the number stood at MVR 15 million while in Q1 of 2019 it was brought down to MVR 6 million.

PSM received MVR 43 million from the state during the first quarter of 2019 as well.