Maldives Transport and Contracting Company (MTCC) has recorded a loss of USD 906,752 in the second quarter of the year. The total value of transactions stands at USD 17.228 million, according to financial statistics of MTCC.
While 15.544 million US dollars was spent on business transactions, MTCC recorded a loss of USD 116,582 on company operations. MTCC also recorded a loss of USD 3 million in the first quarter as well.
Speaking to PSM News regarding the financial standing, CEO Ali Shah said from last year onwards MTCC has faced losses in terms of finance. He revealed one main reason is the halt in projects.
The CEO said some projects MTCC had launched have been discontinued following the presidential election held in 2018. He said the biggest loss was seen in the area of sea transportation services provided by MTCC.