MTCC observe stronger revenue collection in Q3-2020

Maldives Transport and Contracting Company (MTCC) reports stronger revenue collection for third quarter of 2020.

Moreover, MTCC reports total revenue for the review quarter stood at MVR350 million, whereas in the previous quarter it stood at MVR248 million.

Operating profit of the company saw an increment to MVR69 million in Q3-2020 from MVR26 million in Q2-2020.

Furthermore, profit after tax of MTCC stood at MVR51 million in Q3-2020 whereas it stood at just MVR15 million in the previous quarter.

MTCC claims their revenue for third quarter saw a 41% total boost, in comparison with the previous quarter.

Additionally, MTCC reports their construction segment profit saw an increase by MVR25.6 million.

On the other hand, selling and marketing costs “show an increase mainly due to the increase in provision for doubtful debts” coming in due to Covid-19 impact.

The company’s gross profit for the quarter stood at MVR86 million.