MTCC revenue on transport hikes, loss surmounts
Maldives Transport and Contracting Company (MTCC) has managed to revert the losses reflected on their financial statements in recent years with a significant profit in 2017.
The company's annual report for 2017 has indicated MTCC had generated a revenue of MVR 138 million from transportation sector; which the state and public owned corporation operates extensively in greater Male' region.
It also marks are 6.2% increase from the revenue generated in 2016 which reached MVR 130 million at the end of the fiscal run of that year. However it did not come without a financial low-blow with regards to profits made; since MTCC had a back-to-back losses in recent 2 years.
In 2016 the company hit a financial loss of MVR 32 million from transport sector while in 2017 the loss reflected after expense deduction reached MVR 56 million.
According to MTCC their foresight into developing the transportation sector under its operation with innovative concepts have led to the success. The transporting and contracting company was referring to the inclusion of new Premium ferry services along with express service granting a faster traveling option and the highly applauded charter service introduced to its ferry service.
MTCC operates in six other regions of Maldives aside from the greater Male' area.