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Maldives Transport and Contracting Company (MTCC) has reported a revenue of MVR 979 million in the third quarter of the current fiscal year.
Companies release Financial Reports for four quarters of each year separately. The third quarter’s reports are indicative of the company’s financial position between July and September.
The company’s revenue surged 34.68 percent compare to second quarter of the current fiscal year, according to financial reports released by the company. The company had posted a revenue of MVR 727 million in the second quarter.
In the third quarter, the company posted the highest revenues in the construction and dredging sectors. The sector earned MVR 873.56 million, followed by trading MVR 64.07 million and from transport MVR 37.02 million. Moreover, MTCC highlighted that the increase in holidays this year has impacted the trading sector.
In addition to revenue, MTCC’s operating profit also increased in third quarter compared second quarter. The company posted an operating profit of MVR 96.9 million in the second quarter and MVR 103.7 million in the third quarter.
The company’s third quarter net profit stood at MVR 43.3 million, according to financial reports. However, company noted that higher foreign exchange rates and capital investments had a significant impact on net profit.
MTCC has executed 205 projects in the third quarter of the current fiscal. Of these, work on five projects was completed in the third quarter and work on 36 new projects were started.
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