MTS has another big year
MTS has three successive profitable years. The chairman ascribes this to prudent management
The stereotype of a state enterprise is that of a bumbling, loss-making company.
Whether this is true or not, the National Maintenance and Security Company Ltd (MTS) surely does not fit this description.
MTS is, in fact, one of many Government-owned or controlled companies that does not cause the taxpayer grief but which has been profitable.
Its latest financial statements show accumulated after tax profits of over $78 million for the years 2006, 2007 and 2008.
Turnover has also increased –from some $273 million in 2006 to $349 million in 2008 while its expenses have gone up significantly and its work force has grown 3 per cent to the present figure of 4, 459.
Last after tax profits were some $21.95. million up slightly higher than the 2007 figure of $21.9 million.
Chairman Peter Forde said that the company’s performance was achieved “through prudent management, notwithstanding the global economic downturn….”
MTS, which was formed over 30 years ago, provides facilities maintenance, agribusiness and project management services to several Government ministries, statutory authorities and state enterprises.