Maldives Transport and Contracting Company (MTCC) has recorded a loss of USD 3 million in the first quarter of this year.
The company spent a total of USD 13.6 million for purchases in the first quarter while only USD 2.2 million was received, according to statistics published by MTCC.
Speaking to PSM News regarding the financial standing of MTCC, CEO Ali Shah said from last year onwards the company has faced losses in terms of finance. He revealed one main reason is the halt in projects of MTCC.
Noting, since presidential election 2018, some projects which MTCC had embarked on have been discontinued, Ali Shah explained reason for the loss. He said the biggest loss was seen in the area of sea transportation services provided by MTCC.