STO posts record profits for January

The State Trading Organisation (STO) has posted a record level of profits for the month of January.

STO Managing Director Adam Azim told the press on Thursday that the MVR46 million (US$3 million) earned last month was the highest monthly profit in the company’s history.

The record profit was the result of efforts to improve the financial situation of the company, Azim said, adding that STO did not raise prices “a single cent” from goods sold to the public.

Efforts were instead undertaken to make the company’s management more efficient and increase productivity, he said.

The company’s current aim was to improve cash flow and liquidity and focus on its traditional business instead of expanding to other sectors, he added.

As STO was owed almost a billion rufiyaa in unpaid bills from government-owned companies, Azim said the finance ministry has been making repayments in monthly instalments.

On ongoing projects, Azim said the company expected the residential hotel under construction in Hulhumalé to be completed by the end of the year while a project to install night lights at the Fuvahmulah airport would be finished soon.