Haveeru Online - Kuddoo net profit reaches over Rf13 million

Kuddoo net profit reaches over Rf13 million

| DATE: 2010-08-03 | PRINT | Share

MALE, August 3, 2010 (HNS) – Net profit of Kuddoo fisheries complex reached more than Rf13 million over the last two months, Kuddoo Fisheries Maldives revealed Tuesday.

In May, the government established Kuddoo Fisheries Maldives Limited to manage the complex separately from Maldives Industrial Fisheries Company (MIFCO). Government earlier revealed that the complex faced an Rf80 million loss last year.

Company Chairman Adil Saleem said the company received over Rf9 million in May and Rf3 million in June.

“When we took charge, the company was facing huge losses,” he said.

“Our hope is that the company would not face any loss when we get the July statistics.”

Managing Director Ismail Adam said the company receives enough fish to process and added that the amount received has increased due to the increased fish purchase value.

Adil, however, said the company should consider alternatives if the fish catch are low.

“We are working on managing the company with less cost by listening to the fishermen and experts,” he said.

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