Maldives Transport and Contracting Company (MTCC) has recorded a revenue of USD43 million for the first quarter of this year.
The latest financial statistics released by MTCC shows that this figure represents a decrease compared to the same quarter last year, where MTCC recorded USD51 million in revenue. The company also recorded a profit of USD340,000 for the year, with operational profits amounting to USD2.7 million and net profits at USD399,000, lower than anticipated.
MTCC attributed the decline in pre-tax revenue to the significant increase in world commodity prices, impacting its supply chain and leading to increased foreign exchange expenditure. However, the company stated that measures have been implemented to address these challenges.
Despite the revenue decline, MTCC has initiated several infrastructural development projects, with a total of 196 projects in progress across various stages. While three projects were fully commenced in the previous quarter, work has begun on eight projects. The company further highlighted the awarding of new projects during the ongoing quarter.