Aviation Business

MACL to Overcome Loss of Revenue by Applying for BML Loan

Maldives Airports Company Limited (MACL) declared the company revenue has decreased significantly this year, which in turn convinces MACL to apply for a loan from the Bank of Maldives (BML).

Speaking at the Parliamentary Committee, on State-Owned Enterprises (SOEs), acting Managing Director Moosa Solih said MACL generated profits last December and January. A considerable amount of profit was generated in February as well, although some earnings from services began to go down amid COVID-19 pandemic, stated Moosa Solih.

The acting managing director noted the revenue generated by MACL by the end of May 2020 represented a 98% decrease compared to last year. He revealed all expenses except salaries have been reduced as part of the efforts exerted to reduce the expenses amid the pandemic.

Velana International Airport (VIA), the main gateway of the Maldives, has been closed since March 27 after the first COVID-19 cases were reported in the Maldives on March 7. Almost all economic activities in the country have been suspended with the closing of the main airport.

Full details are available at the link below:

Source URL: Corporate Maldives

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