STO reports second quarter profit of MVR 104M

STO employees are photographed unloading sacks of onions. (Photo/STO)

State Trading Organization (STO) has reported a second quarter profit of MVR 104 million.

Statistics issued by the company show that STO had an income of MVR 1.2 billion in the second quarter of 2020. This includes MVR 629 million from oil sales and 669 million from other businesses.

STO also said that COVID-19 had negatively affected its businesses and profits.

Around 65 percent of the company income comes through state-owned companies and tSTO said that COVID-19 could lead to delays in receiving payments.