The profits for State Trading Organisation (STO) and Island Aviation Services (IAS) doubled since the first quarter of 2018.
Ministry of Finance’s Quarterly Report of State Owned Enterprises showed that STO’s profits increased by 123 percent. While the company recorded a profit of MVR 46 million in the first quarter of 2018, it earned MVR 103 million this year.
The profits STO made in the first quarter of 2019 are also higher than that of the last quarter in 2018, which was MVR 65 million.
According to the finance ministry’s reports, STO profits increased due to increased sales and the reduction of expenses. STO made a profit of MVR 2.3 billion in the first quarter of this year.
Island Aviation’s profits also increased by 100 percent in the first quarter of 2019. The company made a total of MVR 104 million compared to the MVR 52 million in the same period last year.
The report showed that the one percent increase in IAS earnings was due to their decreased spending.
Additionally, the number of loans IAS extracted from financial institutions also decreased.