STO annual net profit drops to MVR 114 million

State Trading Organization (STO) has reported an annual net profit of MVR 114 million for 2013, a 52 percent drop from the previous year.

The company’s Fourth Quarter Report for 2013 published last week shows it made MVR 1.2 billion in gross profit last year, which yielded MVR 114 million in net profit. The company earned MVR 274 million in net profit in 2012.

STO made MVR 64 million in profit during the second quarter, its best quarter in 2013. In the fourth quarter, the company made a net profit of MVR 37.7 million.