Maldives Transport and Contracting Company (MTCC) has generated an income of USD 31.4 million in the third quarter. The recorded income is an increase of 14.5% compared to the USD 27.4 million generated by MTCC in the second quarter of the year.
The biggest contribution to the revenue of the third quarter was made from land reclamation and the second-largest contribution was generated from the trading and transport segment. MTCC reported a profit after tax of USD 3.6 million for the third quarter of 2019. As a result, the profit per share reached USD 0.45, according to MTCC.
The statistics show revenue of MTCC for the third quarter stood at USD 84 million by the end of September while the net profit stood at USD 13.7 million.
MTCC is expected to earn USD 116 million as revenue by the end of the year. MTCC also estimates a net profit of USD 17.5 million by the end of the year.
Although the state-owned company is conducting mega-development projects across the Maldives, according to MTCC, its main goal is to provide basic services to the people as early as possible. As such, road construction, land reclamation, harbour construction, transport services, and airport development projects are being carried out by MTCC.