The Maldives Transport and Contracting Company (MTCC) has recorded USD32.2 million as revenue, for this year's second quarter. The statistics of the company indicates that this amount is significantly lower than the USD43 million generated as revenue during the first quarter of the year.
MTCC attributed this decline to cash flow issues, which adversely affected its construction projects. The construction segment, which is the company's largest revenue contributor, saw a 29% drop in revenue during the second quarter. Additionally, a temporary halt in land reclamation projects due to coral bleaching contributed to a 13% reduction in overall revenue.
The statistics outline that MTCC generated USD2.7 million from transportation services during the second quarter. It marks an improvement in the revenue by 4% compared to the first quarter, as the company generated USD2.5 million from this segment previously. Meanwhile, MTCC earned USD4.7 million through trade activities, which is lower than the revenue generated through this segment during the first quarter by 9%. During the first quarter, MTCC attained USD 4.99 million, according to the statistics.
Overall, the decline in revenue led to a loss of USD 3.5 million for MTCC in the second quarter.