Maldives Tourism Development Corporation (MTDC) has revealed the corporation generated an income of USD 1.79 million during the first six months of 2020.
The quarterly financial report of MTDC states the corporation generated an income of USD 1.79 million during the first half of the year, including USD 899,474 in the first quarter and USD 890,620 in the second quarter. MTDC revealed the gross profit during the first six months of the year was USD 1.18 million, after deducting the cost of operations which was worth USD 610,168.
MTDC generates revenue by subleasing islands for tourism development. In the quarterly financial report, MTDC stated COVID-19 has impacted the cash flow of the corporation due to the deferral of sublease rents. However, the corporation said the revenue will return to normal from October 2020 onwards, upon the resumption of lease collection.