State Trading Organization (STO) has reported a revenue total of MVR4.62 billion for the third quarter of 2022.
According to the country’s largest state-owned enterprise (SOE), its revenue observed a quarterly decline. In Q2-2022, STO reported a quarterly revenue of MVR4.9 billion.
The enterprise reported a gross profit of MVR515.3 million in Q3-2022. Which is an MVR57.8 million improvement from preceding Q2-2022, during which gross profit stood at MVR457.5 million.
Moreover, STO’s operating profit for the review quarter stood at MVR255.1 million, whereas in the preceding quarter its operating profit stood at MVR216.5 million. Profit before tax in Q3-2022 stood at MVR204.9 million, while in Q2-2022 profit before tax stood at MVR187.8 million.
Following a deduction of Business Profit Tax (BPT) expense of MVR36.8 million, STO reported a profit after tax of MVR168 million for the review quarter. This is an MVR13 million improvement from Q2-2022, during which profit after tax stood at MVR155 million.