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Addu Airport Company's losses climb to MVR 817 million
Addu International Airport Company, which operates Gan International Airport, reported total accumulated losses of MVR 817 million, with a loss of MVR 68 million in the past year. Despite revenue nearly tripling to MVR 94 million, operating costs more than doubled to MVR 112 million, and the company's net worth fell to negative MVR 58 million, funded by interest-free loans from shareholders and owing large sums to the Finance Ministry and state entities.
Sources1carried itAE1 of 19 news outlets we monitor
Figures14as written, with their sentences
One outlet so far Only Adhadhu (English) has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
How the reporting differs
one source so far
Adhadhu (English)News outlet
Addu Airport Company's losses climb to MVR 817 million
817 million Total accumulated losses since inception
Nothing to compare yet. If another monitored source reports it, its headline appears beside this one.
Figures in these reports
as written, with the sentence they come from
817 millionTotal accumulated losses since inceptionAdhadhu (English)bringing its total cumulative losses since inception to MVR 817 million
Word for word from the report in Adhadhu (English). Open the report
68 millionLoss in the past yearAdhadhu (English)The company recorded a loss of MVR 68 million in the past year alone
Word for word from the report in Adhadhu (English). Open the report
10 millionNet worth in 2024Adhadhu (English)the company held a net worth of over MVR 10 million in 2024
Word for word from the report in Adhadhu (English). Open the report
94 millionRevenue last yearAdhadhu (English)Income grew from MVR 38 million in 2024 to MVR 94 million last year—a nearly threefold increase.
Word for word from the report in Adhadhu (English). Open the report
38 millionRevenue in 2024Adhadhu (English)Income grew from MVR 38 million in 2024 to MVR 94 million last year—a nearly threefold increase.
Word for word from the report in Adhadhu (English). Open the report
112 millionOperating expenses last yearAdhadhu (English)Operating costs climbed from MVR 54 million to MVR 112 million over the past year.
Word for word from the report in Adhadhu (English). Open the report
55.7 millionInterest-free loan from Kasa HoldingsAdhadhu (English)the company has secured interest-free loans amounting to MVR 55.7 million from Kasa Holdings
Word for word from the report in Adhadhu (English). Open the report
97.2 millionInterest-free loan from Maldivian governmentAdhadhu (English)and MVR 97.2 million from the Maldivian government
Word for word from the report in Adhadhu (English). Open the report
195.3 millionOwed to Finance MinistryAdhadhu (English)the company owes an additional MVR 195.3 million to the Finance Ministry for various obligations.
Word for word from the report in Adhadhu (English). Open the report
99.3 millionOutstanding runway development loanAdhadhu (English)MVR 99.3 million in outstanding payments for a loan taken out during former President Abdulla Yameen's administration to develop the Gan International Airport runway
Word for word from the report in Adhadhu (English). Open the report
4 more figures
41.5 millionOwed to government agencies and SOEsAdhadhu (English)it owes MVR 41.5 million to various government agencies and state-owned enterprises, including over MVR 18 million due to the State Trading Organisation (STO).
Word for word from the report in Adhadhu (English). Open the report
18 millionOwed to STOAdhadhu (English)including over MVR 18 million due to the State Trading Organisation (STO).
Word for word from the report in Adhadhu (English). Open the report
70%Government ownership stakeAdhadhu (English)with the Maldivian government holding a 70% stake and Kasa Holdings (Champa) holding the remaining 30%.
Word for word from the report in Adhadhu (English). Open the report