Five state-owned enterprises recorded no revenue in the first quarter of this year, the Privatization and Corporatization Board (PCB) revealed on Monday.
According to the financial data disclosed by the PCB, the following companies did not not make any income throughout the first quarter:
- Fahi Dhiriulhun Corporation (FDC)
- Maldives Center for Islamic Finance (MCIF)
- Maldives Fund Management Corporation (MFMC)
- Maldives Integrated Tourism Development Corporation (MITDC)
- Maldives Sports Corporation (MSCL)
Fahi Dhiriulhun Corporation, Maldives Center for Islamic Finance, and Maldives Fund Management Corporation also recorded no revenue in the first quarter of 2020.
Furthermore, according to PCB’s report, FDC, MCIF, MFMC, and MSCL did not engage in any revenue-generating operations in the first quarter of 2021.
Following the termination of MITDC’s caretaking arrangement at L. Baresdhoo in December 2020, the company generated no revenue in the first quarter of 2021.
Maldives Hajj Corporation was the state-owned enterprise with the lowest income in the first quarter of 2021. Due to the suspension in operations caused by the COVID-19 pandemic, the corporation generated only MVR 525 in Q1 2021.
In the first quarter of 2021, state-owned firms earned a total of MVR 7.09 billion. The amount is 14%, or MVR 1.1 billion, lower than overall income in the first quarter of 2020.