The State Trading Organization (STO) posted a second quarter revenue of MVR 3.6 million, up 10 percent from the same period last year.
The second quarter report was released on the company’s website on Wednesday.
The figures show that net profit before tax stood at MVR 198 million in the second quarter. However, after tax, net profit was MVR 163 million.
This is a three percent decrease compared to the first quarter. But the net profit increased 10 percent compared to the second quarter of last year by MVR 15 million.
The company posted a profit of MVR 147.9 million in the second quarter of last year.
However, the second quarter revenue was 12 percent lower than the first quarter revenue this year.
“The main reason for the decline in total revenue was the change in oil prices and the decline in oil demand during the quarter,” STO said in a statement.
The report notes that demand for jet fuel has declined. However, diesel sales have increased with the reduction in diesel prices.
Revenue from other businesses, excluding oil, increased by six percent.
