Maldives Tourism Development Corporation (MTDC), the company established by Maldivian Government to give form and structure to the development of tourism in the country, made a profit of merely MVR 4.6 million (US$ 301,638) in the third quarter of 2017. This was 30.6% less than the previous quarter profit which was recorded at MVR 6.7 million (US$ 434,655).
in terms of business, MTDC has not been in a good situation for quite a long time. In 2016 a 26% decrease in net profit was recorded compared to the year 2015. In 2015 the company made MVR 69.72 million. For some time, shareholders have been upset as they haven’t received dividends from the company.
After staying dormant in business for some time, the company was handed over the project of developing tourist resort on the island of Hdh. Naagoashi in August 2017. This project was previously ceased from the company by the government. Naagoashi, the first resort to be developed in Haa Dhaalu Atoll was subleased to Three K International Private Limited, a Russian company. The island is to be operated as a 600-bed resort.