Maldives Tourism Development Corporation (MTDC) has recorded a net profit of USD750,000 in the third quarter of 2022.
In the Quarterly Report, MTDC said it received a net profit of USD750.000 in the third quarter which is an increase up 16% from USD640,000 in the second quarter of this year. MTDC recorded a revenue of USD1.8 million for the third quarter of this year and received a revenue of USD1.7 million in the second quarter of this year. In the third quarter of this year, MTDC spent USD622,000 on its operations and USD201,000 on administrative expenses.
The state-owned company posted a profit of USD14 million after tax last year which is an increase of USD7 million compared to the 2020 profit of USD3.2 million. The increase in profit was attributed to the increase in net profit on lease modifications due to the company's decision to record net investment in subleases.