MTCC reports MVR15 Million net profit for the third quarter of the year

Maldives Transport and Contracting Company (MTCC) Plc Ltd has reported a net profit of MVR15 million for the third quarter of the current year.

Notably, the net profit for the third quarter of 2014 is considerably lower compared to the first two quarters. MTCC made net profits of MVR22 million and MVR30 million in the first and second quarters respectively.

According to the financial statements of MTCC published today, the company’s trade for the third quarter of the year totaled MVR187 million. Gross profit for the period is reported to be MVR38 million.

The company’s assets and liabilities is at MVR706 million currently.

MTCC made a profit of 7 million in general trading activities, while construction projects brought in a net profit of 360,000. In the area of transport, the company suffered a loss amounting to MVR10 million. MTCC, owned partly by the government and partly by general public shareholders, is the sole company providing transport services between Malé, Hulhulé, and Hulhumalé.

MTCC shareholders would be entitled to a dividend of MVR0.90, as the net profit for the year currently stands.