STO reports a profit of MVR 186 million in third quarter

State Trading Organization (STO) has received a profit of MVR 186 million in the third quarter of the year. 

STO's quarterly financial report shows that the company received revenues of MVR 3.8 billion in the third quarter. This is MVR 259 million higher than the same period last year. 

This quarter marks the highest profits for the company in the past 15 months. In the third quarter of last year, STO received MVR 156 million in profit. This year's second quarter saw a profit of MVR 163 million. 

STO said that the increase in total revenue is attributed to the improvement of fuel sales. Revenue from other sectors also saw an 8 percent increase. 

In the third quarter, after adjusting lease from sales and marketing costs, operational and financing costs were reclassified. With this, total operational costs decreased from MVR 367 million to MVR 358 million.