Maldives Transport and Contracting Company (MTCC) has recorded a revenue of MVR 664 million in the first quarter of the current fiscal, according to the company's financial data.

The company's revenue for the first quarter of the current fiscal year was 16 percent lower with MVR 664 million compare to than MVR 789 million in the same period a year ago, the company said in a statement.

Due to the decline in revenue, MTCC posted a net profit of MVR 5 million after deducting taxes in the first quarter, a decline of 82 percent.

The decline in profit was due to rising global commodity prices, especially oil prices and the negative impact on the company's supply chain due to the increase in the cost of raising power, MTCC said.

MTCC said the profit is lower than the expected net profit in the first quarter of the current fiscal, but based on the situation, the growth has been achieved due to the actions taken by the company's management.