Sunday 14th Jul 2024
Dhivehi Edition
News Reports Sports Business
Privatization Board

Most Govt Companies Incur Losses In The Millions At End Of Year’s Second Quarter

Most government companies have incurred losses of millions of rufiyaa at the end of the second quarter of this year.
According to a quarterly review issued by the Privatisation and Corporatisation Board, most public companies had incurred losses by the end of the second quarter of the year. Fifteen companies in total had incurred losses, these companies were:
Business Centre Corporation
Fahi Dhiriulhun Corporation
Kadhdhoo Airport Company
Maldives Integrated Tourism Corporation
Maldives Marketing and Public Relations Corporation (MMPRC)
Maldives Sports Corporation
Road Development Corporation
SME Development Finance Corporation
Public Service Media
Regional Airports Company
Waste Management Company (WAMCO)
Trade Net Maldives
Addu International Airport
Island Aviation Services Limited
Maldives Post Limited
The biggest loss had been incurred by Island Aviation Services Limited, the main operator of the national airline Maldivian, with a loss of MVR 99 million. Addu International Airport lost MVR 21 million, and WAMCO lost MVR 17 million.
In addition, companies that had not incurred a loss had experienced a decline in profits from the previous year. STELCO’s profits had declined by 58%, having earned MVR 47 million in the second quarter of last year and only MVR 20 million in the second quarter of this year.
Government companies operate under the strain of high costs, and it is assumed that this strain is caused because of jobs in these companies that had been given out to political activists.