STO makes MVR 53 million profit in June

Government wholesale and retail company State Trading Organization (STO) made a MVR 53 million profit in June 2014, the company’s Managing Director Adam Azim has said in a monthly press briefing today.

Adam Azim said that the MVR 53 million was a good profit compared to MVR 44 million made in May. STO made a profit of MVR 61 million in April 2014.

Adam Azim iterated today that the company has been able to maintain the recent increase in earnings through a reduction in expenses.

The public limited company - with 81 percent shares owned by the State - has been showing an increase in profits through expansion and a limited increase in the price of goods.