Greater Male' Industrial Zone generates large revenue from land rent

A large revenue was generated as land rent by Greater Male' Industrial Zone Limited (GMIZL) during the first quarter.

GMIZL's financial reports for the first quarter of the year publicized by Privatization and Corporatization Board (PCB) show MVR 31 million was generated as revenue through leasing land in Thilafushi and Gulhifalhu.

This is a 5.12% increase from the revenue generated during the same period last year, which was MVR 29 million.

MVR 23 million was received as land rent from Thilafushi island, which is an increase of 7.29% compared to MVR 21 million received last year during the same period.

MVR 7.3 million was generated as land rent from Gulhifalhu, which is approximately the same amount generated last year. However, the revenue generated from apartments in Gulhifalhu decreased drastically, with MVR 80,803 received this year compared to MVR 491,445 received last year.

While GMIZL received MR 31 million in the first quarter, the net profit decreased by 11%, with MVR 17 million recorded as net profit.