MTCC reports MVR 664.4 M revenue, a 15.8% decline

Hithadhoo old harbor breakwater construction project – one of the many similar projects carried out by MTCC | Photo: MTCC

Maldives Transport and Contracting Company (MTCC) has reported a gross revenue of MVR 664.4 million; registering a 15.8% decline from the previous quarter.

According to MTCC in its Quarterly Report for Q1-2024, the company generated a revenue of MVR 789.2 million in the preceding Q4-2023.

The company reports a staggering 94.5% decline in its Gross Profit for the review quarter, coming down from MVR 44.3 million in Q4-2023 to just MVR 2.45 million in Q1-2024.

The company’s total expenses came down from MVR 134.7 million in the final quarter of 2023 to MVR 124.0 million in Q1-2024; indicating a 7.9% drop in the company’s expenditure.

This was the primary reason for MTCC maintaining its Operating Profit for Q1-2024 close in range with the Q3-2023 figure. As such Operating Profit for the review quarter stood at MVR 41.8 million, which is a 26% decline from MVR 56.5 million in Q3-2023.

However, the company’s Net Profit showed a whopping 82.9% decline, dropping from MVR 30.8 million in the final quarter of 2023 to just MVR 5.2 million in the first quarter of 2024.

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