State Trading Organisation (STO) has announced a profit after tax of MVR 100 million for the year’s third quarter.
The Q3 financial report released by the company shows that an income of MVR 1.5 billion was generated. However, when comparing against last year’s Q3 income of MVR 2.2 billion, the income is MVR 700 lower.
Although the figure is unfavourable compared to last year, it does show steady improvement compared to Q2 of this year, when STO had generated an income of MVR 1.2 billion.
The largest income source for STO was revealed to be fuel trade. The company generated a whopping income of MVR 818 million from fuel trade, compared to MVR 717 million from other sectors.
STO’s expenditure during the third quarter was MVR 235 million, and earnings per share stood at MVR 89 million.
