MTCC gains MVR 3.3 million in first quarter profits

Maldives Transport and Contracting Company Plc (MTCC) has gained a profit of MVR 3.3 million for the first quarter of 2013.

The company’s first quarter report published yesterday shows that the company had gained gross revenue of MVR 129 million, of which MVR 24 million as gross profit. The company’s net profits calculated to MVR 6.8 million, and a total of MVR 3.3 in profits before taxation.

The amount is a MVR 1 million increase compared to the first quarter of 2011, which saw a profit of MVR 2.3 million.

The company’s first quarter report shows that it had debt of MVR 321 million, and a total value of assets stand at MVR 265 million.

The company's board of directors have decided to pay dividends of MVR 15 per share from the MVR 24 million profits last year. Their shares hold an original face value of MVR 50 per share.

Government owns 47.8 percent of MTCC, the public 44.7 percent and MNSL holds the remaining 7.5 percent of shares.