Maldives Tourism Development Corporation (MTDC) has reported a profit after tax of USD 754,731 (MVR 11.64 million) for the third quarter of 2022.
According to the state-owned enterprise, its revenue for the review quarter stood at USD 1,815,831 (MVR 28 million). It deducted USD 625,941 (MVR 9.65 million) as cost of operations. MTDC earned USD 1,794,474 (MVR 27.67 million) during the second quarter of 2022.
With this, the company indicated a 1.19 percent improvement in revenue from second quarter to the third quarter.
MTDC reported a gross profit of USD 1,189,890 (MVR18.35 million) for the review quarter, in comparison with a gross profit of USD 1,172,789 (MVR 18.08 million) in Q2-2022, indicating a 1.46 percent increment in gross profit.
The company's operating profit for the third quarter reached USD 842,446 (MVR 12.99 million). Compared to this, the company's operating profit in Q2-2022 stood at USD 739,266 (MVR 11.39 million), which is a 13.96 percent improvement.
Profit before tax for MTDC in Q3-2022 stood at USD 879,624 (MVR 13.56 million) when compared with Q2-2022 profit before tax of USD 762,088 (MVR 11.75 million), which is a 15.42 percent increment.
Net profit or profit after tax for the period showed an increment 16.51 percent when compared with Q2-2022, during which it stood at USD 647,775 (MVR 9.99 million).
Despite higher operating costs for the quarter, MTDC managed to reduce other expenses of the corporation during Q3-2022.
After years of operating at a loss, the company began paying dividends for the last three years.
MTDC has leased two resort properties, one in 2010; Ayada Maldives developed on Gaafu Dhaalu Atoll Magudhuvaa, and another in 2011; Anantara Kihavah developed on Baa Atoll Kihavah.
The corporation earlier confirmed it will operate its first tourist resort through a joint venture. Meanwhile, MTDC has entered preparatory phase of the resort development project.
MTDC partnered with Dubai's R.A.W. Galadari with a 15 and 85 percent stake respectively for the tourist resort. First phase of the property expects completion during 2023 while the corporation announced it expects to open the resort officially before the following year ends.
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