The State Trading Organization (STO) registers drops in second-quarter revenues and profits due to lower-than-expected earnings from its oil trade.
The largest company in the country where the State has a major stake published its second-quarter report today.
Revenue for the whole quarter was Rufiyaa 3.8 billion (US$246 million). The oil revenues in the second quarter dropped when the company lowered the prices as an adjustment to a change that had occurred in the international markets.
Earnings from the sale of oil dropped 15 percent compared to the previous quarter, says the report.
STO made a profit of Rufiyaa 804 million in the second quarter. This is a decrease of one percent compared to the previous quarter.
After taxes, STO made a net profit of Rufiyaa 303 million (US$ 19.65 million) in the quarter. Compared to the first quarter, this is an 18 percent drop.
However, after taxes, STO made a net profit of Rufiyaa 671 million in the two quarters of 2023 which is an increase of Rufiyaa 366 million compared to the figures of the two quarters a year ago.
The largest company in the country where the State has a major stake published its second-quarter report today.
Revenue for the whole quarter was Rufiyaa 3.8 billion (US$246 million). The oil revenues in the second quarter dropped when the company lowered the prices as an adjustment to a change that had occurred in the international markets.
Earnings from the sale of oil dropped 15 percent compared to the previous quarter, says the report.
STO made a profit of Rufiyaa 804 million in the second quarter. This is a decrease of one percent compared to the previous quarter.
After taxes, STO made a net profit of Rufiyaa 303 million (US$ 19.65 million) in the quarter. Compared to the first quarter, this is an 18 percent drop.
However, after taxes, STO made a net profit of Rufiyaa 671 million in the two quarters of 2023 which is an increase of Rufiyaa 366 million compared to the figures of the two quarters a year ago.
