State Trading Organisation (STO) recorded a revenue of MVR 15 billion in the last fiscal year, a 6 per cent drop compared to the previous year. The company attributed this decline to lower revenue from its oil business, as it reduced crude oil prices three times due to global price changes.

According to STO’s financial report, net profit before tax stood at MVR 812 million, a 19 per cent decrease from the previous year. After tax deductions, net profit for the year was MVR 717 million.

Despite the annual decline, STO saw growth in the fourth quarter of 2018. The company reported MVR 3.8 billion in revenue, a 7 percent increase from the previous quarter. Total profit also rose by 8 per cent, reaching MVR 637 million.

While annual earnings were lower, STO’s strong fourth-quarter performance signals a positive trend moving forward.