State Trading Organization STO records a net profit of more than MVR 300 million in the second quarter of 2023.
In its 2nd Quarterly report for 2023, STO said that the company recorded a total revenue of MVR 3.8 billion. In the first 3 months of 2023, STO earned MVR 4.4 billion as total revenue.
The Company's total expenses raised to MVR 399 million in the 2nd quarter of the year while this value was at MVR 327 million in the first quarter of the year.
STO stated that in the second 3 months of the year, it received an operating profit of MVR 428 million and that it recorded a net profit of MVR 303 million in the 2nd quarter of the year.
But this is MVR 68 million less than the net profit recorded in the first quarter of the year as STO registered MVR 368 million as net profit in the first 3 months of the year.
The report also showed that STO recorded a total net profit of MVR 671 million in the first 6 months of 2023. This is MVR 366 million more than what was recorded in the first 6 months of 2022.
STO also said that earning per share for the 2nd quarter was at MVR 269 but this was MVR 58 less than the first three months of the year.