Male’, Maldives – Maldives Transport and Contracting Company (MTCC) has announced a profit of MVR 51 million in the third quarter of the current financial year.
According to their quarterly report, the company’s total sales for the quarter was MVR 350 million compared to the MVR 248 million in the second quarter of the year. The company had made a total operating profit of MVR 69 million and after tax the total profit stood at MVR 51 million.
MTCC stated that their contracting segment was the most profitable as construction profit was at MVR 25.6 million for the third quarter. This was followed by their dredging and trading segments of the company. The company stated that their income had improved mainly due to the the government projects.
During the third quarter MTCC had managed a total of 70 projects which included construction of harbors, shore protection, dredging and reclamation, roads, building and design projects. Out of the 70 projects, MTCC had completed 11 projects and started 12 new ones.
MTCC also stated that they were forecasting a revenue of MVR 1.35 billion by the year end with a total of MVR 185 million in profit before tax. The company has also revised its short-term financial forecasts to minimize the operational and financial impacts for the year 2021 and have formulated strategies to sustain the profitability and liquidity until the effects of the Covid-19 pandemic get back to normal in Maldives.