Fenaka records MVR 7M in profits during second quarter

Fenaka Corporation’s Managing Director Muaz Rasheed states the company concluded this year’s second quarter with a profit of MVR 7.4 million.

While speaking at a press conference on Thursday, Muaz said the company was at a loss of MVR 24.7 million when the current management took over in the last quarter of last year.

On the contrary, he detailed that the company made a profit of MVR 4.2 million in the first quarter of this year and MVR 7.4 million in the second quarter of this year. Muaz said the company would have been at a loss of MVR 50 million in this quarter if the operations of the company had remained the same.

Fenaka’s Deputy Managing Director Hussain Zuhury said the company has earned a profit by reducing expenditure. In this regard, he detailed that efforts were undertaken to identify where the largest expenditures are incurred and subsequently reduce them.

“We have a plan to cut down dost. A project has been designed to install solar panels on the roofs Fenaka offices and powerhouses in 150 of our islands. This is an addition of 5.2 megawatts. Therewith, we will be able to save approximately MVR 19 million through this project,” he said.

Zuhury, underscoring the largest expenses incurred for transportation, said the expenditure was cut down by strengthening the procurement policy. He also noted that the result of the vessel rented to cut down transportation costs will be greatly reflected in the next quarter's financials.