MTCC cuts costs, doubles profit to MVR 62 million in Q1

Maldives Transport and Contracting Company (MTCC) has declared a profit of MVR 62 million for the first quarter of the year.

MTCC’s quarterly report shows the company generated MVR 353.5 million in sales during Q1, a 21.8 percent increase compared to Q1 last year.

The company affected several changes to its operations this year, resulting in a decrease in its operational costs. Its marketing expenses were cut from MVR 21 million in Q4 of last year to MVR 2 million in Q1 of this year, and its administrative expensed cut by MVR 15 million to MVR 30.8 million.

MTCC’s profit before tax came up from MVR 30.7 million in Q4 of last year to MVR 62 million in Q1 of this year.

The company finished Q1 with a profit of MVR 52.9 million after tax.

Meanwhile, its earnings per share increased from MVR 3.83 in Q4 of last year to MVR 6.59 in Q1 of this year.

MTCC progressed work on 53 construction, dredging and reclamation projects in Q1, four of which were completed.