Maldives Transport and Contracting Company (MTCC) has recorded a profit of USD4.85 million before tax during the first quarter of 2022.
As per the quarterly financial report of MTCC, the company generated an income of USD35.6 million during the first quarter of the year, up 30% from the USD27.4 million generated during the same period last year. However, it was less than the USD45 million generated as income during the final quarter of last year. MTCC attributed this decrease to the increased supply of construction materials to sites during the last quarter.
As per the report, MTCC generated a net profit of USD4.85 million before tax during the first quarter of 2022, up 27.1% from the same period last year. With this financial performance, profit per share at the company has risen to USD0.52.
During the first quarter of the year, MTCC has carried out 108 infrastructure development projects across the country, completing 8 projects. MTCC had also undertaken 14 new projects during this period.