State-owned enterprise, State-Trading Organization (STO) has declared MVR 303 million as net profit for the second quarter of 2023.
As per the 2023 2nd Quarter Report publicized by the company on Sunday, the company made MVR 3.7 billion in total revenue during the quarter; a significant fall compared to MVR 4.4 billion earned in total revenue during the first quarter of the year.
Total profit of STO declined to MVR 804 million in the second quarter from MVR 809 million in the first quarter. The operating profit of the company dropped to MVR 428 million in the second quarter from MVR 503 million in the first quarter.
Meanwhile, total expenses of the company increased to MVR 399 million in the second quarter from MVR 327 million in the first quarter. This includes MVR 182.6 million in selling and marking costs and MVR 213.3 million in administrative costs.
STO’s earnings per share also declined in the second quarter of this year to MVR 269 from MVR 327 in the first quarter.
The company’s net worth, however, saw a positive increase, standing at MVR 4.16 million at the end of the second quarter. The net worth of the company at the end of the first quarter stood at MVR 3.5 million.
The company has MVR 1.18 billion in its general reserve. They owe MVR 2.6 million to debtees with outstanding loans of the company valued at MVR 2.3 million.
Out of all state-owned enterprises, STO is among the companies performing the best financially.