State enterprises generate MVR 1.5B in profits in Q1

Records show State-owned enterprises generated a combined profit of MVR 1.5 billion in the first quarter of 2019.

Records of the profits generated by State-owned enterprises in Q1 were released by Finance Ministry this Wednesday.

It shows a 24 percent improvement in profits compared to Q1 of 2018.

The biggest profit was generated by Maldives Airport Company Limited (MACL), which generated MVR 572 million as profit in Q1 of 2019. The figure is nearly double the MVR 379 million it earned in Q1 of 2018.

Bank of Maldives (BML), Fenaka Corporation, Island Aviation, Maldives Marketing and Public Relations Corporation (MMPRC), Male’ Water and Sewerage Company (MWSC), and State Trading Organization (STO) also generated higher profits compared to Q1 of 2018.

BML generated a profit of MVR 276 million in Q1 of 2019; a six percent improvement compared to Q1 of 2018.

Fenaka Corporation incurred a loss of MVR 18.6 million in Q1 of 2018, but generated a profit of MVR 1.7 million in Q1 of 2019.

Island Aviation generated a profit of MVR 104 million in Q1 of 2019, double the MVR 52 million it generated as profit in Q1 of 2018.

MMPRC, which incurred a loss of MVR 1.4 million in Q1 of 2018, generated an income of MVR 34 million in Q1 of 2019.

MWSC generated a profit of MVR 90 million in Q1 of 2019. The figure is a 27 percent improvement compared to the MVR 70 million it generated as profit in Q1 of 2018.

STO generated a profit of MVR 103 million in Q1 of 2019. The figure is a 123 percent improvement compared to Q1 of 2018.

Meanwhile, Dhiraagu, Housing Development Corporation (HDC) and State Electric Company (STELCO) saw a fall in profits compared to Q1 of 2018.

Dhiraagu saw a six percent fall in its profits and HDC saw a 68 percent in its profits.

STELCO saw a 17 percent fall in its profits, which has attributed to mismanagement of expenses.