State Trading Organisation (STO) has reported a consolidated net profit of MVR 163 million for the second quarter of the current financial year.

According to financial data released on Monday, STO earned MVR 3.5 billion in revenue during the second quarter — a 12 per cent decrease compared to the MVR 4 billion recorded in the first quarter.

STO attributed the drop in revenue to fluctuations in global fuel prices and reduced demand for crude oil during the quarter.

Despite the decline in overall revenue, the company noted growth in income from its other business segments.

Operating profit for the second quarter stood at MVR 235 million, compared to MVR 263 million in the first quarter. Net profit after tax also declined slightly from MVR 168.7 million in the first quarter to MVR 163.2 million in the second.

STO remains a key player in the Maldivian economy, with business interests across fuel, construction, pharmaceuticals, and consumer goods.