CEO of STELCO Ahmed Zuhoor have said that in the past three years the company was running at a loss of 100 million Rufiyaa per year.
Speaking at the parliament’s government oversight committee Zuhoor said that the debt of the company is at 1.6 billion Rufiyaa. He said that they have to spend 70 percent of their revenue on fuel. “Meanwhile 15 percent is spent on maintenance and 5 percent is spent on the salaries. Other operational costs share 5 percent of the revenue” said Zuhoor.
Zuhoor said that except islands of Male’ atoll, they face losses in all other islands where they provide electricity.
STELCO was running at 100 million Rufiyaa loss per year in the past three years : Zuhoor
