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State Trading Organization (STO) has generated MVR 4.9 billion as revenue in the second quarter of this year.
Statistics published by the company show that this is an increase of 22% compared to the previous quarter.
According to STO, the main reason for the increase in revenue was the increase in the total revenue of oil sold by STO compared to the previous quarter.
Although the company’s revenue increased, the company’s total profit decreased to MVR 11 million compared to the same period last year. This is a decrease of 2% compared to the second quarter of the previous year. STO stated the main reason for the decrease in profits was the increase in the price of oil in the international market, but they have not increased the price to that range.
Moreover, even though STO’s total profit decreased compared to the previous quarter, the company received operating profit of MVR 217 million. This is an increase of 4% compared to the previous quarter. The main reason for this is to reduce the operating expenses of the company due to the increase in other revenues of the company, according to the company.
The net profit for the quarter before tax is MVR 188 million. This is an increase of 6% compared to the previous quarter. Furthermore, the company’s net finance cost has been reduced by 10% compared to the previous quarter. The net profit for the quarter after tax is MVR 155 million. This is an increase of 4% compared to the previous year.
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