State Trading Organization (STO) on Monday revealed that its net profit reached MVR 95 million in the third quarter of the year.
According to STO's quarterly report, the figure represents a 25 percent increase compared to the MVR 77 million received as net profit in the second quarter.
The report stated that profits increased due to cuts in the company's overall expenditure.
STO's revenue for the third quarter reached MVR 2.2 million. However, compared to the second quarter, earnings dropped by MVR 131 million. STO attributed this to changes in fuel prices, adding that earnings from all their other business increased in the period.
The report further revealed that the overall net profit earned within the three quarters is 30 percent higher than last year's total net profit.
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