STO reports MVR 574 million profit in second quarter
The financial results, released Wednesday, show a decline in both revenue and profit compared to the first quarter.
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State Trading Organisation (STO) has reported a profit of MVR 574 million for the second quarter of this year.
The financial results, released Wednesday, show a decline in both revenue and profit compared to the first quarter.
STO recorded total revenue of MVR 3.6 billion in the second quarter, marking a 12% decrease from the previous quarter. According to the company, the decline in revenue was primarily driven by changes in global oil prices and reduced demand for oil during the period.
While total revenue declined, STO noted an increase in revenue from non-oil sectors.
Operating profit for the quarter stood at MVR 236 million, reflecting an 11% decrease from the previous quarter. This was due to a rise in operating expenses.
Net profit after tax was reported at MVR 163 million, representing a 3% decline compared to the previous quarter.
