State Trading Organisation (STO) has generated a revenue of MVR 4.6 billion during the third quarter.

The quarterly report published by STO revealed that the Gross Profit stood at MVR 458 million during the second quarter, while the number increased to MVR 515 million during the third quarter for an increase of 13 percent.

STO attributed the strong performance in Q3 to improvements across all business sectors and success in reducing procurement costs.

The organization revealed in its report that it generated MVR 255 million as operating profit in Q3 which is a figure that is 18 percent higher than the MVR 217 million generated as operating profit in Q2.

STO attributed this to an increase in gross profit and a comparative reduction in expenses.

STO said that while the cost of purchasing foreign currency rose with the rise in global fuel prices, the net profit rose with the increase in gross profit and reduction in expenses.