MTDC earns a profit of 92 Laari per share for the first quarter of 2013

Maldives Tourism Development Corporation Plc (MTDC) has earned a profit of $0.06 (91 Laari) per share for the first quarter of 2013.

The company faced a loss of $0.41 (MVR 6.32) per share during the last quarter of 2012.

The company’s First Quarter Report for 2013 shows that the company had earned a revenue of $5.9 million (MVR 90.97 million), with a profit of $200,000 by the end of March this year. The company faced a loss of $1.2 million (MVR 19.5 million) during the last quarter of 2012.

The company faced huge losses last year. The Capital Market Development Authority (CMDA) had also fined MTDC for refusing to publish their annual financial statement.

The company end the year 2011 with a $3.8 million (MVR 58.5 million) loss, which translates to a loss of $1.21 (MVR 18.7) per share. MTDC has not distributed dividends for 3 consecutive years.