State Trading Organization (STO) has reported a quarterly earning of MVR 3,782 million (MVR 3.8 billion) in the second quarter of 2023.
According to the largest state-owned enterprise (SOE), the company’s quarterly total revenue is lower in comparison with the corresponding quarter in 2022. In Q2-2022, STO earned a total of MVR 4,949 million (MVR 4.9 billion).
Despite this notable drop in quarterly earnings, STO’s net profit for the review quarter was an increment from the same quarter last year. The company reported a net profit of MVR 303 million for Q2-2023 compared to the MVR 155 million in Q2-2022.
Similarly, STO observed a significant bump in their operating profit which went up from MVR 217 million in Q2-2022 to MVR 428 million in the review quarter.
The company’s expenditure for the review quarter stood at MVR 399 million, which is an increment from the MVR 327 million in the previous quarter.