Maldives Transport and Contracting Company (MTCC) has reported a staggering 82.9% decline in its Net Profit for Q1-2024.
According to the company, MTCC earned a Net Profit of MVR 5.2 million for the review quarter, compared to MVR 30.8 million earned in Q4-2023.
The company reported a Gross Revenue of MVR 664.4 million for the review quarter, registering a 15.8% decline from MVR 789.2 million in the last quarter of 2023.
Moreover, the company’s Gross Profit saw a steep 94.5% decline in this year’s first quarter, plunging from MVR 44.3 million in Q4-2023 to just MVR 2.45 million in Q1-2024.
Total expenses of the company saw a decline this quarter, from MVR 134.7 million in Q4-2023 to MVR 124.0 million in Q1-2024. This helped MTCC to maintain its Operating Profit within range of the preceding quarter, but saw a 26% decline nonetheless; dropping from MVR 56.5 million in Q4-2023 to MVR 41.8 million in Q1-2024.