Kooddoo Fisheries sees 27 percent decline in net profit in 2012

The net profit of Kooddoo Fisheries Maldives Limited has gone down by 27 percent in 2012.

The Auditor General’s Report of Kooddoo Fisheries Maldives Limited for 2012 published by the Auditor General’s Office today states that the company’s income from sales was MVR 663.6 million, and the cost of goods sold was MVR 589.7 million.

The audit report of the 100 percent government owned company states that in 2012, it exported fish worth MVR 706 million, sold fish worth MVR 49 million locally, sold dry fish worth MVR 17 million, and sold ice worth MVR 9.6 million.

The report states that while the company made a net profit of MVR 51.4 million in 2011, its net profit in 2012 was MVR 37.3 million – a decline of about 27 percent.

The company’s operating profit in 2012 was MVR 43.1 million.

The company paid MVR 20,000 in dividends in 2012, and MVR 10,000 in dividends in 2011.