MTCC faces a loss of MVR 45 million in 1st quarter

MTCC Tower. (Sun Photo/Mohamed Muzayyin Nazim)

Maldives Transport and Contracting Company (MTCC) reports it suffered a loss of MVR 45 million in the first quarter of 2019.

The statistics of the first quarterly report of 2019 released last Tuesday shows that the sales of MTCC decreased from MVR 377 million in the fourth quarter of 2018 to MVR 210 million in the first quarter of 2019.

The company functioned in the first quarter with a loss of MVR 34 million. The biggest loss for the company was due to the fall in demand for the public transportation provided by the company.

MTCC has now broadened the services provided by their charter transportation, to make up for the losses faced due the decrease in demand for public transportation.

During the first quarter, MTCC carried out a total of 22 construction projects out of which 12 projects were successfully completed. Work for Three new projects were inaugurated and six new projects were awarded during the quarter.