STO profits decrease in second quarter of 2020

State Trading Organisation (STO) has recorded a lower profit in the second quarter of 2020, compared to previous quarter.

As per the quarterly financial report of STO, the state-owned enterprise recorded a net profit of USD 6.8 million in the second quarter of the year, down from USD 7.4 million in the previous quarter. Meanwhile, the gross income of the company had also gone down from USD 162.2 million to USD 83.7 million.

The loss of income to STO during the second quarter was mainly attributed to the decrease in oil sales. As such, STO had recorded an income from USD 40.8 million from oil sales in the second quarter, down from USD 110.3 million in the first quarter.

During the second quarter, STO had introduced some new services in order to provide better convenience for its customers amid the COVID-19 pandemic. As such, the company launched the online platform for customers to shop online. The company also introduced a medicine delivery service, and facilitated electronic payments at petrol sheds of Fuel Supplies Maldives (FSM).