State Trading Organization (STO) has reported a net profit of MVR105 million for the second quarter of 2020.
According to the largest public limited corporation in Maldives, in their second quarter report, the company's total revenue stood at MVR1,299 million (MVR1.3 billion) for the review period.
Moreover, STO observed an operating profit of MVR156 million in the second quarter while their earnings per share stood at MVR93 million.
The company's total revenue saw a decline in the second quarter in comparison with the previous quarter, with the prevalence of the Covid-19 global pandemic posing effect towards the decline. STO reports their revenue for Q1-2020 stood at MVR2,492 million (MVR2.5 billion) while during the final quarter of 2019 the total revenue was at MVR2,351 million (MVR2.4 billion).
STO incurred a total of MVR200 million for expenses during the review quarter which is a moderate drop from the MVR211 million in expenses for the previos quarter.
However, the company's net profit observes a slight decline at MVR105 million whereas it was at MVR114 million during the first quarter of the year.
Meanwhile, the state-owned enterprise confirms its business activities saw challenges amid the continuing Covid-19 pandemic which had slowed down some of business components.
