State Trading Organisation posted a profit of MVR79 million for the 2nd quarter of 2016.
STO’s earning for the first 6 months of the year stand at MVR191 million, a 15% increase compared to the same period last year.
The profits earned in the 2nd quarter this year, however, declined 9% compared to the corresponding quarter of 2015. The profits also dropped 16% compared to quarter 1 this year.
Ahmed Shaheer, Managing Director of STO, attributed the fall in profits to its decision to lower prices of goods and services. He announced plans to cut prices even further.
STO’s earnings for the 2nd quarter this year stand at MVR1.6 billion.The cost of sales increased from MVR1.2 billion in the 1st quarter to MVR1.3 billion in the 2nd quarter.
According to STO, earnings per share stood at MVR99 in the 1st quarter and it fell to MVR70.93 in the 2nd quarter.