STO records MVR 281 million net profit in third quarter despite seven percent revenue drop

State-owned trading company STO has reported a net profit of 281 million rufiyaa for the third quarter of this year, according to its latest quarterly report. The figure represents a marginal increase of half a percent compared to the 280 million rufiyaa earned in the second quarter. Revenue for the quarter stood at 6.48 billion rufiyaa, a seven percent decline from the 6.98 billion rufiyaa recorded in the previous quarter. STO attributed the drop primarily to falling oil prices in the global market. Despite lower prices, the company noted that the volume of oil sold increased compared to the second quarter, and revenue from other business lines also rose. Operating profit improved by 23 percent to 400 million rufiyaa, up from 324 million rufiyaa in the second quarter. Total profit for the quarter was 738.10 million rufiyaa, a decrease of 18.93 million rufiyaa from the 757.03 million rufiyaa achieved in the earlier period.