The Maldives Transport and Contracting Company (MTCC) reported a net profit of USD 1.81 million for the second quarter of the year, marking a decisive recovery from the loss recorded in the preceding quarter. The rebound was attributed to sustained momentum in the company's construction and land reclamation division.
The company's financial disclosure noted total income of USD 31.79 million, reflecting a 17.7 percent increase over the USD 27.12 million posted in the first quarter. That growth in revenue underpinned the broader improvement in profitability.
Gross profit rose to USD 4.72 million, with operating profit reaching USD 3.22 million, a reversal from the first-quarter operating loss of USD 84,280.52. After accounting for taxes, net profit was recorded at USD 1,809,087.24, in sharp contrast to the USD 1.27 million deficit from the earlier period.
Revenue generation was led by MTCC's construction and land reclamation segment, which accounted for USD 32.34 million during the quarter. The company remained actively engaged across 313 projects; nine reached completion, and 64 new initiatives commenced.