The Privatisation and Corporatisation Board (PCB) has revealed that the Housing Development Corporation Limited (HDC) posted USD63 million as revenue in the first quarter of the year. The statement was made by the PCB in its Quarterly Review report for the first quarter of 2023. The report included the financial status of 30 state-owned companies.
According to the report, HDC recorded a revenue of USD63 million, which is an 88% increase compared to USD34 million received in the last quarter of 2022. HDC received USD55 million from the sale of properties and rental income, which is 87% of the total revenue. It mainly relates to the sale of land plots from Thilafushi Phase I and Phase II. The report also showed that rental income decreased by 14% during the first quarter of this year from USD9.9 million to USD8.5 million.
The report showed that HDC generated an operating profit of USD45 million in the first quarter of this year. The company made an operating loss in the last quarter of 2022 due to the high maintenance expenses in the previous quarter. The report also showed that the company generated a net profit of USD38 million in the first quarter of this year compared to a net loss of USD18 million in the first quarter of 2022.