The largest state-owned enterprise in Maldives, State Trading Organisation (STO), has reported a net profit after tax of USD 6.2 million for the third quarter of 2019.
Profits of STO for the second third amounts to a 25% increment compared to the second quarter, according to the latest statistics published. Financial statements indicate STO received USD 142 million in revenue in the third quarter, which is a little short of the USD 148 million it generated in the second quarter.
The gross profit of STO reached USD 22 million while it generated a profit of USD 9.7 million after operational costs. The net profit for the company is USD 7.2 million before tax. The profit of STO in the first three quarters increased by 30% when compared with the total profits in 2018.
STO further said it has generated USD 6.2 million in net profits, after paying over USD 9.7 million to solve the issues faced by Maldives Industrial Fisheries Company (MIFCO), its subsidiary company.