MACL Generated A Revenue Of MVR 806 Million In Q2 Of 2021
Maldives Privatization and Corporatization Board has released a summary of the quarterly analysis of State-Owned Enterprises (SOEs) for the second quarter of 2021.
Maldives Airports Company Ltd's (MACL) revenue has been exceptionally well considering the operations were through the pandemic.
The overall performance in the second quarter of 2021 was lower than the first quarter as generally airport operations are low during mid-year.
In the second quarter of 2021, MACL has generated a revenue of MVR 806.4 million which is 23% lower than quarter one of 2021 where the company generated a revenue of MVR 1,047 million.
MACL generated a gross profit of MVR 520 million and an operating profit of MVR 209 million in the second quarter.
The net profit in the second quarter was significantly lower (63%) than compared to the first quarter with MVR 116 million.
Privatization and Corporatization Board highlighted that the finance costs (Interest expense) of the company have significantly increased from MVR 11 million to MVR 72 million from quarter one to quarter two of 2021 because of increased borrowings by over MVR 154 million.
The board further highlighted that delays of projects may impact the cash flow of the company, and the company may lose possible revenue streams and that MACL must ensure that all ongoing projects are completed based on the agreed dates and eliminate any mismanagements.