State Trading Organization STO have made 25 million Rufiyaa as profits.
In the first quarter of this year STO made 224303427 Rufiyaa as revenue and in this quarter, they made 249740165 Rufiyaa as revenue. Hence this is an increase of 25 million Rufiyaa.
Even though the revenue increased, their profits decreased. In the first quarter STO made 61 million Rufiyaa as profit while in this quarter they made 54 million Rufiyaa. Hence this was a loss of 7 million Rufiyaa.
Companies profits were affected by the increased expenses during Ramadan. Speaking at the ceremony held to celebrate the 50th anniversary of STO, President Yameen called government companies to be more service oriented rather than just making profits.
MD of STO Ahmed Shaheer said that since STO is a public company, they like to make a reasonable profit for the shareholders at the same time providing services at affordable rates.
Among state owned companies STO gives the highest amount of returns to the shareholders.
STO makes 25 million Rufiyaa as trade profits !
