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MTCC profit drops in 2020 second quarter

Fathmath Shaahunaz
03 August 2020, MVT 09:19
MTCC headquarters in Male' City. FILE PHOTO: HUSSAIN WAHEED / MIHAARU
Fathmath Shaahunaz
03 August 2020, MVT 09:19

Maldives Transport and Contracting Company (MTCC) generated MVR 15 million as net profit during the second quarter of 2020.

According to MTCC's quarterly report, the company's total revenue for the past quarter amounted to MVR 248 million, which is a 30 percent drop from the previous quarter's MVR 354 million.

However, MTCC's net profit in the second quarter this year is an annual increase of MVR 1 million, compared to the MVR 14.2 million earned during the same period in 2019.

MTCC attributed the drop in revenue to the fiscal and economic repercussions of the ongoing COVID-19 pandemic. The company's transportation services declined by 50 percent during the three-month lockdown imposed across the Greater Male' Region, delaying the transfer of equipment for MTCC's projects while a number of projects also came to a halt.

The company further noted that there were obstructions in importing goods and cargo from abroad due to the lockdown and other restrictions imposed over the pandemic.

Meanwhile, experts project that businesses will continue to suffer losses in the third quarter as well.

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