STO generates MVR 4.9 billion as revenue in Q2
STO's expenses for the second quarter reached MVR 268 million
State Trading Organization (STO)
State Trading Organization (STO) has generated MVR 4.9 billion as revenue in the second quarter of 2022.
According to the quarterly report publicized by STO, the company earned MVR 217 million as operating profit for the second quarter and MVR 155 million as net profit of the quarter.
During the first quarter of the year, STO earned a revenue of MVR 4.04 billion and a an operating profit of MVR 209 million. The company's reported net profit for the first quarter is MVR 150 million.
STO's expenses for the second quarter reached MVR 268 million.
Income generated during the second quarter is a 22 percent increase compared to the income generated in the first quarter. STO states that the increase in income generated from fuel is one of the main reason for the increase in income during the second quarter.
The company highlights that even though the income generated increased during the quarter, the profit decreased by two percent due to the increase in global fuel prices.
