Maldives Transport and Contracting Company (MTCC) has recorded a profit of USD 4 million in the first quarter of 2020.
The quarterly report published by the state-owned company states the total income generated during the first quarter of the year was USD 22.8 million, while the net profit was recorded at USD 4 million. This represents a complete turnaround from the first quarter of last year when the company recorded a total income of USD 13.6 million and a net loss of USD 1.9 million.
The report states MTCC has undertaken 53 infrastructure development projects during the first quarter, with 4 projects reaching completion. Site mobilisation was carried out in 11 islands during the quarter.
MTCC has also increased marketing activities targeted for the general sales of the company this year. However, the company says the COVID-19 pandemic has presented challenges in reaching the financial targets set by the company.