Maldives Transport and Contracting Company (MTCC) reports a quarterly revenue of MVR 593.41 million for 2022 third quarter.

This was a mild increment over MTCC's revenue of MVR 593.11 million in Q2-2022.

The largest construction contractor in the Maldives, reported an operating profit of MVR 72.59 million, which is a 23.2 percent decline from MVR 94.54 million in the second quarter of 2022.

MTCC reported a profit before tax of MVR 47.71 million in Q3-2022, a 38.7 percent decline from the profit before tax of MVR 77.78 million in the preceding quarter. Similarly profit after tax saw a drop by another 38.7 percent to MVR 40.55 million in the review quarter from MVR 66.11 million in Q2-2022.

The company deducted MVR 7.16 million as Business Profit Tax (BPT) expense for the review quarter.

According to MTCC, its quarter-on-quarter revenue remained largely constant. While revenues from construction, dredging and transport sectors saw improvement, its trading segment was noticeably affected owing to "continuous long holidays" in July 2022.

Cost of sales also surged compared to the revenue, owing due to the increment in landed cost of materials with global inflation and logistics. The rising fuel prices also impacted MTCC's construction segment profitability compared to the first two quarters of 2022.

MTCC reports a total revenue of MVR 1.74 billion in annual terms with a profit before tax of MVR 200 million for the nine months ended (from January to September 2022).