State-owned enterprise, State Trading Organization (STO) has declared MVR 368 million as net profit for the first quarter of 2023 despite decreased revenue as a result of lower operational costs.
As per 2023 1st Quarter Report publicized by STO on Sunday – the company earned MVR 4.4 billion in total revenue during the quarter. This is lower than the MVR 4.5 earned in total revenue in the last quarter.
We’ve published our 2023 1st Quarter Report. We are excited to inform that, our Net Profit for Q1 of 2023 was MVR368 mln (a 37% increase from last quarter), while our operational costs reduced by 5%. Full report at: https://t.co/OJWoUsMLm2 pic.twitter.com/PfbExfWgXW— STO (@stoplc) April 30, 2023
Despite lower revenue, STO’s net profit in the first quarter of 2023 was 37 percent higher than the last quarter – owed to its lower operational cost and total expenses. In this regard, STO’s operational costs had decreased by MVR 16.2 million compared to last quarter while total expenses had decreased by MVR 283.8 million.
Financial highlights of STO’s 2023 1st Quarter Report;
Total Revenue: MVR 4.4 billion
Gross Profit: MVR 808.9 million
Operating Profit: MVR 503.4 million
Net Profit: MVR 368.2 million
Earning per Share: MVR 327
The report also shows a decrease in debt to STO’s name. In this regard, the debt which stood at MVR 7.5 billion during the last quarter had decreased to MVR 6.6 billion in this quarter.
Meanwhile, the company’s net worth increased from MVR 3.6 million to MVR 3.95 million.