State Trading Organisation (STO) has reported revenue of MVR 4.1 billion in the third quarter of the current fiscal year.

According to the quarterly report released by the company today, total revenue surged by 9 percent compared to the previous quarter, as the company's main revenue came from oil and the price of crude oil sold in the quarter was higher than the previous quarter.

Although STO's revenue surged, its operating profit declined in the third quarter.

STO had posted operating profit of MVR 428 million in the second quarter and MVR 390 million in the third quarter as the company did not revise its crude oil sales despite rising global oil prices.

The company had posted a net profit of MVR 271 million for the third quarter, a 10 percent decline over the previous quarter as against MVR 303 million in the year-ago period, the financial report said.