A villa in a resort operated by MTDC - Photo: MTDC
Maldives Tourism Development Corporation (MTDC) posted a net profit of MVR34 million (US$2.2 million) for the 2nd quarter of 2016.
This is a 67% increase compared to the MVR 20 million profit posted by the company for the 1st quarter of the year.
Financial reports released by MTDC show that the company earned MVR53 million in pre-tax profits in the 2nd quarter of the year. The company recorded the same amount of pre-tax profit in the 1st quarter of the year.
MTDC attributed the increase in profits to its programme to reduce operational and administrative costs.
The company invested MVR28 million in this year’s 1st quarter, whereas only MVR15 million worth of investments were made during the 2nd quarter.
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