State Trading Organization (STO) has said that the company made MVR 105 million in profit in the second quarter.

The company’s financial report for the second quarter show an income of MVR 1.2 billion that consists of MVR 629 million from oil and MVR 669 million in other trades.

STO said that their oil profits would be lower compared to the last year due to drop in oil prices and the challenges in getting oil due to the COVID+19 pandemic. However, other businesses aside from oil is going to see growth this year.

The profit from the medical sector has increased according to STO, due to their agreement with the government to supply medical equipment required in the fight against COVID-19. STO also has agreements to supply medical equipment to four regional hospitals being developed across the country.

And while essential food profits would see an increase in profit this year due to the lock down, the construction and electronics are going to see a significant drop in business.