Maldives Transport and Contracting Company (MTCC) has recorded an income of USD38 million in the third quarter of 2022.
As per the Quarterly Financial Report, MTCC generated a net profit of USD3 million in the third quarter of 2022, which is a 38% decrease compared to the USD5 million in net profit recorded in the second quarter. However, the net profit declined in the third quarter of the year due to the impact of major holidays in July on the company's trading segment. Additionally, MTCC stated that the expenditure on commodities has also increased due to rising commodity prices in the world market. As such, the construction segment posted a decline in profit compared to the first two quarters of the year.
Furthermore, MTCC successfully conducted a number of infrastructure development projects in the third quarter. The company has carried out 112 infrastructure development projects across the country, completing eight projects. MTCC had also undertaken 11 new projects during the period.
In addition, MTCC generated an income of USD113 million for the first nine months of the year and a net profit of USD13 million. The company has estimated that it will receive an income of USD143 million and a net profit of USD19 million this year.