MTCC profits decrease by 53 percent

MTCC's profit in the past year have seen a 53 percent decrease.

As per MTCC's Annual Report, MTCC received MVR 45 million as net profit last year. This is MVR 52 million lower than the previous year's net profit. In 2023, MTCC received MVR 97 million as net profit.

The marked decrease in profit is a result of a 37 percent decrease in revenue from the company's construction and dredging sector. This sector earns about 80 percent of total revenue.

Last year, the construction and dredging sector of MTCC received MVR 1.7 billion in revenues. This is MVR 1 billion lower than in 2023, in which the figure stood at MVR 2.8 billion.

Meanwhile, revenue from transport and trading sectors saw an increase.

MTCC's total revenues also decreased by 33 percent last year, standing at MVR 2.1 billion. This is an MVR 1.1 billion decrease from 2023, in which the figure stood at MVR 3.2 billion - the highest revenue within the past five years.

When taking into account the figures from the past five years, MTCC received the highest profit in 2021, where it received MVR 232 million.

The Annual Report also noted that although the revenue and profit have decreased, it is difficult to take measures to cut costs as there are many ongoing projects. This is because the company may face even higher loss if the projects are discontinued.