STO aims at reducing costs by MVR 50 million

State Trading Organisation (STO) has set a new target, to reduce operational costs by MVR 50 million.

Managing Director of STO Adam Azim told Sun Online that they will aim at making operational costs MVR 50 million less in 2014, than operational costs last year.

“We have to reduce operational costs. We will implement a plan very soon, aimed at achieving this. The main aim of this plan will be to reduce operational costs,” said Adam Azim.

He said that STO is also working on a five-year strategic plan, which will include the expansion of the most profitable areas of STO’s portfolio.

“We are trying to put together a plan within the next three months or so. After that the company will follow this plan,” he said.

Azim said that it is possible to cut down costs without dismissing any employees.

He said that the company is facing financial difficulties due to large sums of money being owed to it by the government, and that efforts are ongoing to solve this problem.