12 govt companies record losses in first quarter, PCB report shows
According to the report, most of the loss-making entities are companies that receive budgetary support from the state.
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Twelve state-owned companies recorded losses in the first quarter of this year, according to the quarterly report released by the Privatisation and Corporatisation Board (PCB).
The report, which details revenue and profit or loss figures of government-owned companies for the first quarter, has been published on the PCB website.
According to the report, most of the loss-making entities are companies that receive budgetary support from the state. Of the 12 companies funded through the state budget, 10 reported losses during the period.
The loss-making budget-funded companies are:
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Road Development Corporation (RDC): MVR 113.73 million loss
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Fenaka Corporation: MVR 33.72 million loss
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Addu International Airport: MVR 17.55 million loss
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Fahi Dhiriulhun Corporation: MVR 14.05 million loss
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Tradenet: MVR 10.55 million loss
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Maldives Fund Management Corporation (MFMC): MVR 7.15 million loss
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Hajj Corporation: MVR 6.6 million loss
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Public Service Media (PSM): MVR 5.72 million loss
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Business Centre Corporation (BCC): MVR 3.65 million loss
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Maldives Post: MVR 2.26 million loss
In addition, two state-owned companies that do not receive budgetary support also recorded losses in the first quarter. These are:
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Island Aviation Services: MVR 46.36 million loss
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Maldives Transport and Contracting Company (MTCC): MVR 19.66 million loss
