STO earns MVR155mn net profit for 2022 second quarter


Photo: Hussain Fayaz/Mihaaru

State Trading Organization (STO) reports of earning a total revenue of MVR4.94 billion in the second quarter of 2022.

The largest state-owned enterprise of the Maldives made a gross total of MVR4.04 billion during the previous quarter, while it had earned MVR2.2 billion in the same quarter in 2021.

As per STO, the company made a net profit of MVR155 million by the end of the second quarter, while the expenses of the review quarter reached MVR268 million.

STO showed modest improvement of net profit in the review quarter compared to the preceding Q1-2022 when it stood at MVR150 million, while the net profit earned for the same quarter in 2021 stood at MVR110 million.

The operating profit for the second quarter of 2022 stood at MVR217 million, while it stood at MVR209 million in the previous quarter.