State Trading Organization (STO) recorded a net profit of MVR 281 million in the third quarter of this year, nearly 1 percent increase from the previous quarter.

STO reported a net profit of MVR 279 million in the second quarter, while its third quarter profit was lower than the MVR 286 million recorded during the same period last year.

STO’s revenue fell by 7 percent quarter on quarter to MVR 6.5 billion, down from MVR 6.9 billion in the second quarter.

The company attributed the decline in revenue to lower oil prices during the quarter, although oil sales increased compared with the previous quarter.

STO’s operating profit rose by 23 percent from the second quarter to MVR 400 million in the third quarter.

The company said the increase was mainly driven by restructuring in its medical segment and an overall reduction in other expenses.