State Trading Organisation (STO) has recorded a net profit of MVR 303 million in the second quarter of this year.

STO's revenue fell to MVR 3.7 billion in the second quarter of this year from MVR 4.4 billion in the first quarter of this year.

STO stated the reason for this as reduced its oil prices due to the change in world oil prices.

STO's total profit also declined in the second quarter from MVR 809 million in the first quarter to MVR. 804 million in the second quarter. That is a decrease of one percent.

STO posted an operating profit of MVR 428 million in the second quarter - a 15 percent decline from the first quarter.

According to the financial report, the company posted a profit before tax of MVR 373 million in the second quarter. After tax, net profit stood at MVR 303 million - an 18 percent decline from the previous quarter.

STO said its second-quarter profit declined compared to the previous quarter but net profit after tax stood at MVR 671 million as of June this year. That is an increase of MVR 366 million compared to the first six months of last year.