STO said it recorded a net profit of MVR 281 million in the third quarter of this year.
STO published its financial statements for the third quarter of this year on its website yesterday.
According to STO’s financial statements, the company recorded revenue of MVR 6.48 billion in the third quarter, a decline of 7 percent compared with the previous quarter.
STO said the decline in revenue was mainly due to lower fuel prices following changes in global oil prices. Despite the fall in fuel prices, the volume of fuel sold increased compared with the previous quarter, the company said.
According to the financial statements, revenue from STO’s other businesses increased, and the company recorded a gross profit of MVR 738 million in the past quarter.
Operating profit for the quarter stood at MVR 400 million, an increase of 23 percent compared with the previous quarter.
STO said a key reason for this was the reduction in costs associated with restructuring its medical segment, along with an overall reduction in other expenses.
According to the financial statements, although gross profit declined, a reduction in administrative expenses helped the company record a net profit of MVR 352 million in the third quarter, an increase of 5 percent compared with the previous quarter. After tax deductions, the company’s net profit for the quarter stood at MVR 281 million.
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