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MTCC records profits of MVR 62 million in first quarter

Ahmed Aiham
21 May 2020, MVT 10:01
Ferries operated by the Maldives Transport and Contracting Company (MTCC) moored at the Hulhule' Ferry Terminal. PHOTO: HUSSAIN WAHEED / MIHAARU
Ahmed Aiham
21 May 2020, MVT 10:01

Maldives Transport and Contracting Company (MTCC) on Tuesday announced that the company generated over MVR 62 million as profit before tax (PBT) in the first quarter of 2020.

According to the company's quarterly report, it recorded a 319 percent spike in revenue this year compared to the first quarter of 2019. Last year, MTCC reported a loss of MVR 29 million in the first quarter.

The company's earnings per share also increased in value and rose to MVR 6.59, compared to MVR 3.83 in the last quarter of 2019.

The dramatic spike in profits resulted from the dozens of infrastructure projects awarded by the government. During 2020's first quarter, MTCC commenced work on a total of 53 projects, of which four are now complete. 11 of these projects are underway.

The company also undertook several corporate social responsibility (CSR) projects during the first quarter.

Despite recent gains, the company acknowledged that COVID-19 hindered their operations. However, the company assured that mitigation measures were in place to ensure operations continue uninterrupted.

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