Hithadhoo Port Limited (HPL) lost MVR85 million by 2020, a recent audit report has revealed.
According to the financial audit report of HPL, the company has suffered losses consecutively for the past 11 years since inception. The report also noted that on average, the company suffered a loss of MVR6 million each year.
Despite the continued losses, the audit report said that the company had not made necessary assessments to reevaluate its expenditure and finances. This has created a difficulty in assessing the company’s current and prospective financial position.
HPL is operated by Maldives Ports Limited (MPL); which acts as the parent company.
The audit also revealed that HPL had not attempted to manage its accounts. Moreover, the report also identified that it was unable to determine how much the company owed to Maldives Inland Revenue Authority (MIRA) in taxes due.
Auditor General’s Office further noted that it was difficult to verify the financial reports since several companies and government agencies are not fully compliant in recording financial statements.
Hithadhoo Port Limited was formed in 2009.
