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MTCC maintains MVR29 mln profit in second quarter

Fathmath Shaahunaz
03 August 2016, MVT 10:38
A passenger ferry operated by MTCC. PHOTO/MTCC
Fathmath Shaahunaz
03 August 2016, MVT 10:38

Maldives Transport and Contracting Company (MTCC) recorded the same net profit for this year’s second quarter as the first with MVR 29 million.

According to MTCC’s quarterly report, the company’s net profit for the second quarter was MVR 29.2 million while the first quarter had recorded MVR 29.8 million.

MTCC stated that the company had recorded MVR 293.5 as trade for the second quarter with a total profit of MVR 76.5 million.

Statistics show that operating profit for the second quarter were MVR 42.5 million.

The company attributed the slight decrease in their net profit to the government terminating subsidy for their ferry services since March this year. The statistics also indicate that their operating costs had spiked by 26 percent last quarter.

However, MTCC declared that the financial status of the company was better in the second quarter compared to the first.

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