Hithadhoo Port Limited lost MVR 85 million by 2020, the audit report has revealed.
According to the financial audit report of Hithadhoo Port Limited, the company has suffered losses every year for the last 11 years since its inception.
According to the report, on average, the company suffers a loss of MVR 6 million every year. However, despite its constant losses, the audit report said that the company did not make the necessary assessments to reevaluate its finances and costs. Therefore, it was difficult to assess the company's position and predict its financial position, the report said.
In the current situation, it called for such an assessment of the company as soon as possible.
Hithadhoo Port Limited is a company operated by Maldives Ports Limited (MPL).
According to the audit report, the company has not done its best to manage its financial accounts. They said they were even unable to determine how much the company owes the Maldives Inland Revenue Authority (MIRA) as tax due.
The Audit Office noted that it was difficult to verify the financial reports as companies and government agencies were still not fully compliant in recording financial statements.
Hithadhoo Port Limited was incorporated in 2009. Importing goods from the southern main port reduces the duty that traders have to pay by 30 percent. Despite this, the port has not been properly utilised in recent years.
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