Maldives Transport and Contracting Company (MTCC) has reported a profit of 27.9 million rufiyaa in the second quarter of this year.
According to MTCC’s second quarter financial report, the company earned a revenue of 490.3 million rufiyaa during this period. This represents a 17.7% increase compared to the first quarter, when the revenue was 418.4 million rufiyaa.
With the increase in revenue, MTCC’s gross profit for the second quarter reached 72.7 million rufiyaa. The company also reported an operating profit of 49.7 million rufiyaa. In contrast, MTCC had reported an operating loss of 1.3 million rufiyaa in the first quarter of this year.
After tax deductions, MTCC’s net profit for the second quarter stands at 27.9 million rufiyaa. This is a significant improvement from the first quarter when the company reported a net loss of 19.6 million rufiyaa.
MTCC’s largest revenue source came from construction and land reclamation projects. In the second quarter, this sector generated 498.9 million rufiyaa for the company.
During the second quarter of this year, MTCC was engaged in 313 projects. Of these, 9 projects were completed within the quarter, and 64 new projects were initiated during the same period.
