The Nationalist Party today said it spent €1.3 million on its election campaign, with the entire sum being financed by donations received during fund raising activities.

The sum, which does not include salaries paid out to employees, was spent on advertising, political events and social media initiatives.

All bills related to the campaign have been settled, the PN said, pointing out that it had not incurred any debts.

The party said it presented its accounts to the Electoral Commission over the past few days, in line with the party financing law.

“From the figures presented it is clear that the party’s restructuring plan, which started in 2014, is bearing the desired fruit,” the PN said in a statement. “Much of the debt the party has is being paid off and the interests charged by the banks has also decreased. On the other hand the party has a number of properties with a combined value that exceeds the amount of debt it has.”

The PN registered an income of €1.4 million in 2016 and expenditure amounted to €1.1 million. This means that the party netted €300,000.

When considering the subsidies the party gave to its subsidiary companies, the PN closed 2016 with a loss of €1.6 million.

The PN said that in the coming weeks and months it will take more decisions to ensure that its financial 15-year plan is further realised.

The PN owns a number of companies, including its media arm, Media.link Communications, and the Eurotours travel agency. The party racked up millions in debt over the years and, at one point in 2012 its employees were not paid their salaries for around four months.