Island Aviation buys land in Hulhumalé for MVR 49.4 million
According to court documents, the land was submitted for registration on 16 September. The plot covers an area of 12,481 square feet.
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Island Aviation Services (IAS), the operator of the national airline Maldivian, has purchased land in Hulhumalé for MVR 49.4 million.
Details of the transaction between Island Aviation and Housing Development Corporation (HDC) were disclosed by the Civil Court on Wednesday.
According to court documents, the land was submitted for registration on 16 September. The plot covers an area of 12,481 square feet.
The court ruled that the transaction was valid, noting that Island Aviation had paid MVR 49.4 million to HDC for the land.
It has not yet been announced what purpose the company intends for the purchased land.
Island Aviation continues to operate at a loss. According to the company’s audit report for 2023, released by the Audit Office in June, the airline recorded a loss of MVR 2.8 million last year.
The report also stated that the company’s accumulated debt from previous years stood at MVR 1.79 billion, while its total liabilities amounted to MVR 1.7 billion.
