State Trading Organization (STO) posted a total revenue of MVR 4.9 billion in the second quarter of this year.
This is a 22 percent increase compared to the first quarter of the current year. STO's revenue increased in the second quarter due to an increase in oil sales compared to the previous quarter.
Although STO's second-quarter revenue increased, total profit fell by MVR 11 million compared to the first quarter. This is a decrease of two percent. According to STO, the main reason for the decline in total profit was that the company did not increase the price of oil in line with the increase in oil prices in the global market.
STO posted an operating profit of MVR 217 million from April to June this year. This is a four percent increase compared to the year's first quarter. The main reason for the increase in operating profit was the increase in other revenue and the reduction in operating expenses.
STO posted a net profit before tax of MVR 188 million in the second quarter of this year. This is a six percent increase compared to the first quarter. STO said the increase in net profit is due to reduced operating expenses along with the increase in other income and the net financing cost being reduced by 10 percent compared to the previous quarter when the dividend from STO's subsidiary companies was accounted.
STO posted a net profit of MVR 155 million after tax in the year's second quarter. This is a four percent increase compared to the first quarter.