STO records MVR 4.1B in total revenue for Q3

State and public shareholding company, State Trading Organization (STO) has posted MVR 4.1 billion in total revenue for quarter three of this year.

The third quarter report publicized by STO on Sunday shows that the company earned MVR 4.1 billion in total revenue during the quarter, marking an increase of MVR 300 million compared to the previous quarter, in which it had been MVR 3.7 million.

However, the company earned MVR 271 million in net profit, which is a decrease of MVR 32 million compared to the previous quarter, in which it had been MVR 303 million.

Notable, despite the dip in net profit, STO’s net profit after taxes stood at MVR 942 million, an increase of MVR 469 million compared to the same period last year.

Nevertheless, the report also shows the company’s debt has increased with total debt at the end of quarter three at MVR 6.7 million from the MVR 6.3 million it stood in the previous quarter.

The government holds 82 percent of shares in STO – whilst the remaining 18 percent of shares are held by the public. The company is one of the largest businesses operating in the Maldives.