IN the lead-up to its AGM next Friday in Zhuhai, PATA has announced to its executive board members that it posted a profit of around US$33,000 for 2013, a small sum but a “significant” achievement in light of the US$1 million loss it made in the previous three years.
The profit reflects that the association has been able to retain a vast majority of its members and recruit new ones, generate income from events, sell research and work on consultancy projects that help cover staff salaries and overheads, according to CEO Martin Craigs in a phone interview from Bangkok where PATA is based.
Describing the achievement as “significant”, Craigs said: “PATA has had a lot red ink in the last three years and nothing else (we do) will be taken seriously unless we address the fundamental point of stopping our reserves being drawn down on.”
PATA currently is down to cash reserves of over US$1 million, a figure Craigs said it must continue to shore up.
More than just reversing PATA’s financial standing, Craigs said “more importantly, we have changed the mindset on PATA, its external business-building rationale capabilities and its internal self-belief”.
He said: “If posting a profit is the only thing I achieved over the last 2.5 years, I would consider it close to an abject failure – for what is the point of breaking even if you have not built the resources and platform for the future?
“We’ve been addressing those issues (of relevancy). It’s why the whole PATA Next-Gen philosophy has taken root…now we have to be ever more energetic and eager to find innovative ways to add value.”
According to Craigs, PATA has been recruiting 17 new members per month in the past year, compared to a membership drain previously.
While PATA Travel Mart continues to comprise a serious percentage of its income stream, other events such as the PATA City Hub Forums, 11 of which have been organised to-date, and the PATAcademy, are also now starting to contribute to the coffers.
“We are still a work in progress but we now have a number of platforms to build on – mPower research, human capital development, etc. We want to do well what we are currently doing, not create more things for the sake of creating,” said Craigs.
“We’re led by research, aligned advocacy, innovative events, human capital development and sustainability. These are our pillars and we will continue to strengthen them.”
