MTDC makes a loss of MVR 108 million for 2012

The Maldives Tourism Development Corporation, the company established by the government for tourism trade, has announced a loss of $7 million (MVR 108 million) for 2012.

The corporation said this in its financial statements for 2012 published today.

MTDC made a revenue of $20 million (MVR 3 billion) in 2012, which is 17 percent less than its revenue in 2011; and a gross profit of $5 million (MVR 82 million), which is 36 percent less than its gross profit in 2011.

It made a net loss of $7 million in 2012. Its net loss in 2011 was $965,000, which means that the net loss increased by 626 percent by the end of 2012.

MTDC’s shareholder capital in 2011 was $40 million, and had gone down to $34 million by the end of 2012 - a reduction of 16 percent.

As for its operating segment, MTDC made a loss of $10 million in resort management, and a profit of $3 million through lease of islands.