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MTCC records MVR 51 million net profit in Q3

Ahmed Aiham
26 October 2020, MVT 18:07
MTCC AGM
Ahmed Aiham
26 October 2020, MVT 18:07

Maldives Transport and Contracting Company (MTCC) generated MVR 51 million as net profit during the third quarter of 2020.

According to MTCC's quarterly report, the company's total revenue for the past quarter amounted to MVR 350 million, which is a marked 41 percent increase compared to the second quarter's MVR 248 million.

MTCC attributed the rise in revenue to an increased number of projects progressed during the period. The key contributers to MTCC's financial performance are its contracting, dredging and trading segments.

"Our cashflow position has also improved compared to the second quarter of 2020 mainly due to the inflows from government projects. However, there is a decline in outflow due to shortage of US Dollars to make overseas payments during the period", said MTCC.

The company further stated that selling and marketing costs had risen as a result of the increase in provision for "doubtful debts", which was accounted considering the potential impact of COVID-19 and "probability of recoverability of long overdues".

MTCC's transportation services declined by 50 percent during the three-month lockdown imposed across the Greater Male' Region, delaying the transfer of equipment for MTCC's projects while a number of projects also came to a halt.

MTCC is forecasting a revenue of MVR 1.35 billion with a profit before tax of MVR 185 million for the year 2020.

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