The Maldives Transport and Contracting Company (MTCC) has generated a revenue of USD63 million in the third quarter of this year compared to the USD47 million in revenue during the second quarter.
The latest Quarterly Report showed that MTCC generated USD63 million in revenue, which is a 34.68% increase in the third quarter to the second quarter. The increase in revenue was mainly due to the primary contributors, which were the construction and dredging sector, generating USD57 million, the trading segment with USD4.2 million, and the transport division, contributing USD2 million.
The report showed that MTCC generated an operating profit of USD7 million in the third quarter, which is an increase of 7.04% compared to USD6 million generated in the second quarter. Net profit before tax stood at USD3 million in the third quarter compared to the USD400,000 generated in the second quarter.
As per the report, it showed that revenue increased but the profit margin declined in the third quarter due to increased capital investments and losses incurred from foreign currency exchange. MTCC has carried out 205 infrastructure development projects across the country, completing five projects.