Maldives Transport and Contracting Company (MTCC) confirm a profit after tax of over MVR15 million for the second quarter of 2020.

According to the public limited corporation focusing on transport and construction projects across the county, their profit after tax saw noticeable decline from that of the first quarter of 2020; which was observed at MVR53 million.

The transport and contracting company reports a quarterly revenue of MVR248 million for the review quarter whereas the figure was observed at MVR354 million in the preceding quarter.

Moreover the operating profit for MTCC in the second quarter was at MVR27 million while in the preceding quarter it peaked at MVR72 million.

MTCC reports a gross profit of MVR24.7 million for the review quarter while the gross profit for the preceding quarter topped at MVR79.6 million.

The corporation's expense showed MVR23.4 million for the review quarter whereas it was at MVR30.8 million during first quarter of 2020.

Furthermore, MTCC reports their decline of business was owing to the impact of Covid-19 during the review quarter adding the overall revenue saw a slip by 30% in comparison with the preceding quarter.

Meanwhile it reports the revenue from trading and transport segment dropped more than 50% due to the total lockdown in Greater Male' Region that remained effective from 15 April until end of June.

The drop in revenue of construction segment [net profits by MVR24 million - 66 percent] offset the overall company profits by MVR37 million - 72 percent - during the review quarter.