STO, MTCC release third quarter earnings

The State Trading Organisation (STO) made a net profit of MVR104 million (US$6.7 million) in the third quarter of 2012.

According to STO’s income statement for the quarter that ended on September 30, the government company’s turnover was MVR 1.8 billion (US$117 million) while it made an operating profit of MVR 187 million (US$12 million).

Operating profit for 2012 so far stands at MVR 345.5 million (US$22 million).

Meanwhile, the Maldives Transport and Contracting Company (MTCC) reported a profit of MVR 3.8 million (US$246,433) after taxes.