Maldives Tourism Develpoment Corporation (MTDC)’s profit in the third quarter spiked to USD 2.83 million (MVR 43.6 million) following its sale of Niyama Maldives resort.
According to the statistics of the state-run public company, its profit in the third quarter was an increase MVR 9.2 million from the previous quarter and MVR 16.9 million from 2015.
MTDC’s report shows that it received a revenue of USD 1 million in the third quarter with an additional profit of USD 4.6 million from the sale of Niyama resort. MTDC also received USD 2.8 million as operation profit sans operation costs.
The corporation had decided to sell Niyama Maldives resort, which is operated in the islands of Embudhoofushi and Olhuveli in Dhaalu atoll, to O Plus E Holdings Pvt Ltd for USD 23.3 million (MVR 359.2 million) last August.
As MTDC had not paid any taxes in the third quarter, it had received a net profit of USD 2.83 million, with 0.08 cents per share.
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