Ooredoo Maldives generates a net profit of MVR 80.7 million in Q2

Ooredoo Maldives' Annual General Meeting at Kurumba Maldives on March 2, 2020. (Sun Photo/Fayaz Moosa)

Ooredoo Maldives has announced a profit after tax of MVR 80.7 million in the second quarter of this year.

The second quarter financial report released by Ooredoo Maldives shows the company generated MVR 409.6 million as revenue in the second quarter.

The MVR 409.7 million in revenue is a 24.6 percent drop compared to the first quarter of this year, and a 16.7 percent drop compared to the second quarter of last year.

Ooredoo Maldives has stated that the near four-month closure of the country’s borders for international travel resulted in a significant drop in revenue from roaming services, which in turn had a significant impact on the gross revenue.

Ooredoo Group and Ooredoo Maldives contributed MVR 2.5 million in COVID-19 relief aid to the Maldivian government to support the efforts to curb the spread of the coronavirus in the country and mitigate the socioeconomic impacts.

While revenue from roaming services went down, the number of customers using the company’s web-based services Moolee, m-Faisaa and MyOredoo increased amid the pandemic.