Maldives state-owned enterprises earned profit of US$97m in Q1 2019
Reduced revenue for MTCC resulted in a net loss of MVR45 million.
18 Jul 2019, 9:00 AM
State-owned enterprises collectively earned a net profit of MVR1.5 billion (US$97 million) in the first quarter of 2019, according to a quarterly analysis released on Thursday by the Privatisation and Corporatisation Board.
The collective net profit was up 24 percent compared to the same quarter last year.
The highest profit was posted by the Maldives Airports Company Ltd with MVR572 million – which represented a 44 percent growth from Q1 2018 – followed by the Bank of Maldives with MVR276 million and telecom Dhiraagu with MVR238 million.
The net profit of the behemoth State Trading Organisation was MVR103 million, a 123 percent increase from the corresponding quarter.
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