Maldives Transport and Contracting Company (MTCC) has revealed although several harbour expansion and land reclamation projects were conducted last year, it faced a loss of USD 880,593.
In the annual report published by MTCC, CEO Hassan Shah said the company faced difficulties to finance the loan to acquire its largest dredger, which cost USD 36 million. Shah added towards the end of the previous administration, MTCC was forced to conduct project for a cost lower than the actual value. However, he said MTCC will gain profits from the harbour expansion and land reclamation projects conducted in 2019.
MTCC has launched 7 land reclamation projects so far this year.
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