STO posts MVR 281 million profit in Q3 as revenue falls 7%

State-owned trading company STO’s revenue fell seven percent in the third quarter of this year compared to the second quarter, according to its newly published quarterly report.

The company reported revenue of MVR 6.48 billion for the third quarter, a decline from the MVR 6.98 billion recorded in the second quarter. Despite the drop in revenue, STO’s operating profit and net income both increased during the period.

STO posted an operating profit of MVR 400 million in the third quarter, marking a 23 percent increase over the MVR 324 million recorded in the second quarter. According to the report, STO earned a net profit of MVR 281 million in the third quarter, slightly higher than the MVR 280 million posted in the previous quarter.

STO attributed the revenue decline to lower global oil prices. However, the company noted that oil sales volumes were higher than in the second quarter. Revenue from other business segments also increased, reaching MVR 738.10 million during the quarter.

Even so, STO’s total profit for the quarter was MVR 18.93 million lower than the MVR 757.03 million recorded in the second quarter.