Maldives Transport and Contracting Company (MTCC) has generated a revenue of USD 16 million in the second quarter of 2020.
MTCC said the revenues fell by 30% compared to the USD 22.9 million it generated in the first quarter. The state-owned company's profits also decreased from USD 3.4 million USD 0.97 million, which is a 71% decrease compared to the first quarter.
The company which runs a variety of projects in the construction, transport and logistical sector earned USD 11 million from two contracting projects and USD 1.4 million from trading. The company earned an additional USD 2.65 million and USD 0.5 million from land reclamation projects and transport operations respectively.
MTCC said the revenues plummeted due to the COVID-19 pandemic, causing a 50% decrease in revenues generated from transport and trading. The income it generated from land reclamation projects decreased by 20%, as supply of materials caused a delay due to a suspension of transport and movements in the country.
MTCC earned USD 38 million in revenue in the first six months of the year, earning USD 5.1 million in profits after tax. The company targets to generate a revenue of over USD 87 million by the end of 2020.