Maldives Trasport and Contracting Company (MTCC) stated that Sinamale Bridge and Mahaa Jarraafu were the two main reasons for the decrease in profits last year.
MTCC’s annual report for the year 2017 shows that compared to 2017, there was an MVR 73 million decrease in the net profit of the company.
In 2018, MTCC received MVR 83 million as profits.
With the construction of Sinamale Bridge, there were a lot of challenges as the bridge reduced the number of ferry users drastically.
According to the report, in the transport area, MTCC faced a loss of MVR 26 million compared to 2017.
The Chief Executive Officer of MTCC, Hassan Shah stated that with a rise in expenses for the maintenance of Mahaa Jarraafu, the company faced a loss of MVR 6.13 million. He further stated that they are working to improve revenue for the year 2019 with more profitable projects.