Maldives Transport and Contracting Company (MTCC)'s revenues have significantly decreased in the second quarter of this year.
Maldives Transport and Contracting Company (MTCC)'s revenues have significantly decreased in the second quarter of this year.
As per the quarterly report published by the company, they received revenues of MVR 497 million in the second quarter. This is 25 percent lower than their earnings in the first quarter, in which they earned MVR 664 million.
Last year's second quarter saw MTCC earn MVR 727 million. Based on this, this year's revenue is 32 percent lower than last year.
The dip in revenues is attributed to overall costs of the company's operations having increased. Marketing and administrative costs have also risen compared to the first quarter.
The company earned MVR 5 million as profits in this year's first quarter.
Last year, the company earned MVR 97 million as profits. The previous year, they received MVR 196 million in profits. The company has been recovering in the past four years, with profits gradually increasing.
The company saw the highest profits in 2021 with MVR 270 million received.
Sign In