STO enjoys MVR47.3 mln in Q2 profits

Government owned State Trading Organization (STO) has generated MVR47.3 million in 2018's Q2 net profit.

In the financial report publicized by STO for its 2018 second quarter income the company noted it had received the mentioned amount. In first quarter the state owned corporation received a net profit of MVR46.7 million.

STO made a total of MVR1.9 billion worth of sales generating MVR2.2 billion in revenue in return much like the Q1 2018 figure.

According to STO prior to expense deduction the company generated MVR295 million in second quarter while the company managed a MVR269 million in first quarter - prior to expense and overhead deduction.

STO's tax payable for Q2 was MVR7 million while in Q1 the company paid MVR10 million to Maldives Inland Revenue Authority (MIRA).