STO earnings dip as global oil prices fall

STO has revealed that their earnings had dipped by 20.3 percent, caused by falling oil prices.

The company's financial statement for last year shows the company had earned MVR 7.3 billion. This is a 20.3 percent dip in comparison to previous year's earnings which was at MVR 9.1 billion.

Majority of STO earnings are attributed to oil sales, accounting to around 66.4 percent of sales. Last year this amounted to MVR 4.8 billion. The previous year MVR 7.2 was earned as oil revenue.

Last year, the company earned MVR 520 million as net profits, a dip from MVR 573 million in 2014.

STO earned MVR 514 million from food sales, MVR 189 million from construction materials, MVR 292 million from Home Improvement and MVR 731 million from medical instruments.