State Trading Organisation (STO) has recorded a revenue of MVR 4.9 billion in the second quarter of 2022.
As per the quarterly financial report of STO, the revenue recorded by the company during the second quarter was 22% higher compared to previous quarter. STO attributed the higher revenue to the increase in fuel sales during the last quarter.
The report revealed STO had generated a profit of MVR 188 million before tax, which was 6% higher than the profit generated in the previous quarter. However, the gross profit of the company fell by 2% compared to the previous quarter. This fall was attributed to the contrast in the rise of global fuel prices and the price of fuel sold by STO.
Furthermore, the report revealed STO generated an operational profit of MVR 217 million during the last quarter, which is 4% higher than the previous quarter. The report also revealed the net finance cost had decreased by 10% compared to the previous quarter.
