State owned companies or enterprises (SOEs) have reported a loss in earnings of 86 percent in the second quarter of 2020, compared to the same period in 2019. The Privatization and Corporatization Board (PCB) publicized the second quarter statistics of state-owned companies yesterday.
According to the PCB, only MVR 138 million was reported as the total profit of state-owned companies in the second quarter of this year, which is a fall of 86 percent from earnings in the same period in 2019, which was MVR 875 million.
While there are 28 SOEs in Maldives, the second quarter of 2020 happened to coincide with the peak of the impacts from the COVID-19 pandemic which reverberated across the global economy. PCB stated that SOEs were heavily affected by the pandemic and its implications, such as the lockdown and travel restrictions.
State Trading Organisation (STO), the most profitable company of the state, reported a loss of 45 percent in income in the second quarter of 2020, compared to the same period last year. Maldives Airports Company Limited (MACL) also bore the brunt of the pandemic, with a reported fall in earnings of 91 percent.
Island Aviation Services also faced massive losses along with Kadhdhoo Airport Company. The Hajj Corporation, due to the cancellation of Hajj and Umrah trips this year, earned no income, while the Maldives Marketing and Public Relations Company (MMPRC) saw a fall of 93 percent in income in the second quarter of 2020 compared to the same period in 2019.