Maldives Transport and Contracting Company (MTCC) has revealed it has received USD 28 million in revenue in the second quarter of this year. The second quarterly report shows the amount is a 0.007% increase compared to the revenue received in the first quarter of this year.
The quarterly report also shows MTCC received USD 3.9 million in net profit, which is a significant increase compared to the net profit received in the same period last year. MTCC has also received more from profit after tax compared to last year, with around USD 4 million in the first and second quarter. The increase in this year's revenue is due to the numerous land reclamation and other development projects conducted by MTCC.
However, the report shows MTCC received less revenue from the tourism industry due to the government's travel restrictions earlier this year.
The state-owned company is conducting numerous infrastructure development projects this year, including airport development, land reclamation, and harbour construction. MTCC has also begun work on developing the integrated national public ferry network after signing the agreement with the Ministry of National Planning, Housing and Infrastructure.