Maldives Transport and Contracting Company (MTCC) has reports a quarterly revenue of MVR593.41 million, for Q3-2022.
The company observed a mild increment in its revenue for the review quarter, compared with the preceding Q2-2022, during which revenue stood at MVR593.11 million. According to the country’s largest construction contractor, its operating profit for the review quarter reached MVR72 million, which fell from MVR94.54 million in Q2-2022.
While cashflow per share increased to MVR20.35 from MVR13.95, and net asset value per share improved moderately to MVR198.22 from MVR191.21, MTCC observed a drop in their earnings per share; which slipped to MVR5.05 from MVR8.23.
Moreover, both the profit before tax and profit after tax for MTCC in Q3-2022 slid down compared to Q2-2022. The company reported a profit before tax of MVR47.7 million in Q3-2022, which fell from MVR77.8 million in the preceding quarter – a significant dip. Similar profit after tax for the review quarter fell to MVR40.55 million from MVR66.11 million in Q2-2022.
MTCC reports its total revenue, in annual terms, has reached MVR1.74 billion, with a profit before tax of MVR200 million – for the nine months ended (from January to September 2022).
Though revenue from construction, dredging and transport sector improved, its trading segment was affected by the “continuous long holidays during the month of July 2022.”
Another issue, was the spike in cost of sales, due to increase in landed cost of materials with global inflation, and logistics. The rise in fuel prices at significant levels over the months played against MTCC’s profit, slashing it from construction segment compared to the first two quarters of 2022.