Niyaz: MTDC not expected to make a loss in the future

Acting Managing Director of Maldives Tourism Development Corporation (MTDC), Ahmed Niyaz, has told Sun Online in an interview that the corporation’s financial situation is improving, and it is not expected to make a loss in the future.

He said that the loss suffered by the corporation in the recent past was mainly due to the sale of Herethere Resort for $33 million.

The corporation is ‘back on its feet’ and collections from islands leased for resort development is expected to increase, said Niyaz.

MTDC reported net profits of MVR 15 million in the first quarter of 2015 and MVR 6.7 million in the fourth quarter of 2014, after having reported losses for several consecutive years.