Loss of Mrf 19 million in six months

A loss of Mrf 19 million in six months is recorded for Maldives Transport and Contracting Company (MTCC) which is a public company that’s shareholders are the government and the people of the Maldives. In the first quarter of this year a loss of Mrf 6.42 million is recorded. And in the second quarter a loss of Mrf 12.9 million is recorded as per the report published by the company.

Public shares 44.7 of the company. The company reports that Mrf77.51 loss has to be beared for every share with a Mrf50 face value as the company bears a loss of Mrf6.42 million in the first quarter and another loss of Mrf12.9 million in the second quarter.

The company had made a net amount of Mrf252.5 million as income in the first half of this year, and it is a push of 22 percent compared to the budget. According to the company’s report, the Construction and the Projects Management Department projects did not come close to the estimated amount of revenue. According to the company this happened due to machinery malfunctions. The company also revealed that ferry services provided by the company also caused losses.

MTCC's net worth amounts to Mrf281.6 million while net debt is recorded as Mrf386.

Following a delay of 13 days in publishing the yearly financial statement MTCC was fined with Mrf6,500.

The Annual General Meeting of the company also was cancelled without further notice.