Fuvahmulah Airport handed to government after costing STO MVR170 million
27 Jan 2015, 7:21 PM
Ismail Humaam Hamid
The State Trading Organisation (STO) has been losing MVR12 million (US$ 780,000) per year since Fuvahmulah Airport opened in 2011, Managing Director Ahmed Azim told Haveeru.
“I requested the government to take over the airport because it has been causing that much damage to the company,” said Azim, noting that the state-owned company had lost in excess of MVR170 million (US$11 million) since the airport opened.
Speaking at the 50th anniversary of the STO last week, President Abdulla Yameen said that he does not believe the STO will ever earn profit from the airport.
“Even though STO had to suffer numerous losses and had to bleed because of it, it has constructed an airport at Fuvahmulah,” said President Yameen – who had previously served as Chairman of STO. “We have decided to take over the airport and re-compensate the company for its losses.”
Become a member
Get full access to our archive and personalise your experience.
Already a member?
Discussion
No comments yet. Be the first to share your thoughts!
No comments yet. Be the first to join the conversation!
Join the Conversation
Sign in to share your thoughts under an alias and take part in the discussion. Independent journalism thrives on open, respectful debate — your voice matters.
