Maldives Transport and Contracting Company (MTCC) has recorded USD38.1 million as revenue, for this year's third quarter. The statistics of the company indicates that this amount is 18.02% greater than the USD32.2 million generated as revenue during the second quarter of the year.
With the significant improvement in the revenue generated, MTCC was operated on profits worth USD821,660. During the previous quarter, MTCC was operated at a loss of USD1.3 million. The boost in revenue during this quarter reduced the losses generated by 66.56%. As such, the losses incurred by the company reduced from USD3.5 million to USD1.2 million in the third quarter.
The statistics indicated that the construction segment and the land reclamation projects were the company's largest revenue contributor, gaining USD31.4 million from these sectors. This is a remarkable increase of 24% compared to the sectors' performance during the previous quarter. Additionally, MTCC earned USD4 million through trade activities.
MTCC attributed the challenges faced in the third quarter to a decline in cash flow. It noted that this creates various issues such as delays in projects due to the lack of secured funds. The company reassured that efforts are underway to resolve these issues in collaboration with relevant authorities.
During the third quarter of this year, MTCC executed 191 projects, completing eight of them. Nine additional projects were launched during that period as well.