STO reports MVR 276m profit in first quarter
According to the company’s financial statements, total revenue for the period reached MVR 5 billion.
State Trading Organisation (STO) has reported a net profit of MVR 276 million for the first quarter of this year.
According to the company’s financial statements, total revenue for the period reached MVR 5 billion. This represents an increase from MVR 4 billion recorded in the final quarter of last year.
STO stated that the increase in revenue was linked to higher earnings from its fuel business. The company noted that demand for fuel increased during the period, alongside changes in global oil prices.
Fuel prices were adjusted on the 5th of last month. Petrol prices increased by MVR 2.51 per litre to MVR 16.01, while diesel prices rose by MVR 3.62 per litre to MVR 17.54. Prior to the adjustment, petrol was priced at MVR 13.50 per litre and diesel at MVR 13.92 per litre.
The company also reported that the volume of fuel sold during the quarter increased by 27 per cent compared to the previous quarter.
In its report, STO stated that fuel supply and pricing may be affected by ongoing developments in global markets. The company said it is taking steps to manage potential risks and maintain operations.
