Maldives Ports Limited (MPL) Managing Director Mohamed Rishwan has stated that by the end of the year, the company's profits will exceed MVR 100 million.

Rishwan gave this assurance in a special interview he granted to Mihaaru News last week.

He said that last year, MPL's profit was at MVR 75 million. The company, however, has in previous years earned over MVR 200 million in profits. Hence, Rishwan, who was appointed on February 5, commented that the current financial situation is low.

Rishwan said that the company is in its current financial situation due to the costs involved in many large investments made. However, he expressed confidence that this could be improved going forward.

"We can go up to a three digit figure once the new port's work and projects are slowly commenced," he said.

Rishwan said that the largest project currently being undertaken by the company is transferring the commercial harbour to Thilafushi and commencing operations there. Once this is done, higher priority can be given to expanding services at MPL ports across the atolls, he said. Hence, instead of commencing new initiatives, Rishwan plans to expand existing services and increase revenue.