Government owned tourism entrepreneurship corporation, Maldives Tourism Development Corporation (MTDC) has succumbed into stiff financial losses after months of unfavorable business.
The company had generated an income of just USD 1 million over the current year's third quarter while it had stalled distribution of dividends to shareholders for months.
Financial report of MTDC had indicated the corporation was able to make around USD 434,655 (MVR 6.7 million) in second quarter while the figure had slid to USD 301,638 (MVR 4.6 million) in third.
The tourism corporation with high potential government stakes in it had trekked to financial detriments and had been able to garner MVR 69.72 million as net profit for 2016 fiscal run, which is a precise 26% plunge.
Meanwhile government had reclaimed the islands leased to the corporation for resort development earlier this year. However, Haa Dhaal atoll Naagoshi, which was among the islands developed through MTDC was once again handed over to the corporation to recommence work.
Naagoshi, the first official resort slated for open in Haa Dhaal atoll had progressed halfway through in development. The 600 bed resort is designed and developed by Russian firm 3K International.
