Maldives Tourism Development Corporation (MTDC) has recorded a net profit of USD811,000 in the fourth quarter of 2022.
The quarterly reports of MTDC show that the USD811,000 profit recorded in the fourth quarter is 7.6% compared to the USD754,000 recorded in the third quarter of 2022. The increase in profit was attributed to the increase in net profit on lease modifications due to the company's decision to record net investment in subleases.
Additionally, the 4th Quarterly Financial Statement of 2022 shows that MTDC received revenue of USD1.83 million, which is also an increase compared to the USD1.81 million in revenue recorded in the third quarter. The company also spent USD630,000 on the cost of operations in the fourth quarter, which is an increase compared to the USD625,000 spent in the third quarter.