Maldives Tourism Development Corporation (MTDC)’s profits fell by 26% or USD 40,941 (MVR 631,310) compared to 2016.
MTDC received USD 4.4 million (MVR 67.8 million) in profits in 2017 and USD 6 million (MVR 92.5 million) in 2016.
The Corporation has not distributed its profits to shareholders since 2009. Similarly, the stockholders present at MTDC’s Annual General Meeting on Tuesday night voted not to distribute profits this year as well. Chairman Ali Nishan said that the board of directors had asked for a vote on distributing profits after looking into the state of the corporation and its future.
The main reason for the drop in profits is due to MTDC not conducting any businesses other than subleasing and because it sold the head lease rights of Dh. Enboodhoo and Olhuveli (Niyama resort).
MTDC’s debt has risen to USD 26.1 million (MVR 402.4 million) by the end of 2017.