MTDC announces profit of MVR 13.5 m for 2014

Maldives Tourism Development Corporation (MTDC) has reported a net profit of MVR 13.5 million for 2014.

This comes after the corporation reported losses for many consecutive years.

According to financial statements published on its website, it made MVR 221 million as revenue last year.

It also made a profit in the first quarter of this year, of MVR 15 million.

Earlier, MTDC was fined MVR 30,000 by Capital Market Development Authority (CMDA) for failure to publish financial statements before 30 April.

In an interview on 7 May, Acting Managing Director of MTDC Ahmed Niyaz told Sun Online that the corporation’s financial situation had improved, and it is not expected to make a loss in the future.

He said that the loss suffered by MTDC 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.