State-owned fisheries company, MIFCO, has decided to take several measures to cut costs amid great losses.

Fisheries Minister Ahmed Shiyam and MIFCO Chief Finance Officer (CFO) Ilyas Habib told reporters on Monday that MIFCO posted a loss of MVR 1.6 billion in the first quarter of this year. The state has paid MIFCO MVR 353 million in subsidies so far this year.

During the meeting, Minister Shiyam said that the people's tax money subsidizes MIFCO and therefore many measures have been taken to reduce the company's expenditure. As such, to reduce the number of rejected fish, MIFCO will no longer buy low-quality fish.

The minister said the number of employees at MIFCO is also being reviewed and efforts are being made to reduce expenditure across other areas as well.

"The small vessels currently used by MIFCO are very expensive. Those vessels cannot even carry a load of catch from a fishing boat. Discussions are being held to halt the use of such vessels," he said.

The minister said MIFCO spends a lot on oil and is working to make 35 percent of the energy used in its factories renewable.

In addition, the minister said that a decision is being taken on Kanduohgiri and Fonaddoo, which are not in operation anymore. He highlighted that the renting of Kanduohgiri to a third party will be more beneficial to the state.