State Trading Organisation (STO) has recorded a net profit of USD 7.36 million in the first quarter following successful measures taken to minimise expenses.
The first quarter report of STO states the company earned a gross profit of USD 8.9 million for the first quarter of the year, before tax deductions. The quarterly report showed the reduced operational expenses combined with higher gross profit enabled the company to increase the net profit after tax by 51% compared to the previous quarter. STO revealed emphasis on cost cutting strategies enabled the company to reduced operating expenses.
The report states STO recorded a total income of USD 161 million for the first quarter, compared to USD 155 million in the first quarter of last year. STO revealed its resources were mobilised on core activities and focused on provision of staples, fuel, medical and other necessities to meet the requirements of the public following the unprecedented challenges and uncertainties to the market due to the COVID-19 pandemic.