State owned and largest corporation of Maldives State Trading Organization (STO) has confirmed significant upward curves for its income generated as well as the net-profit for the first quarter of 2018.
According to the corporation's financial report for the first quarter STO had raked in a revenue of MVR 2.25 billion while they managed an income of MVR 2 billion during the last quarter of 2017.
The government owned corporation's financial balance sheet indicates profit after tax reaching MR 47 million for the period of January through March in 2018. STO made a profit of MVR 44 million in the final quarter of 2017.
The corporation's operating expenditure for the first three months of 2018 reached MVR 88 million according to their quarterly report.
Noted as the exclusive importer of oil, pharmaceutical drugs and staple foods STO is regarded as the top profiteering venture in Maldives for years while they have been in recent months attempting to expand the scope of service and operational fields.
