State Trading Organisation (STO) and Island Aviation Services (IAS) doubles their profits since the first quarter of 2018.
According to the Ministry of Finance’s Quarterly Report, STO made a profit of MVR 103 million this year compared to their profit of MVR 46 million in the first quarter of 2018. This is an increase of 123%. This is also a massive increase compared to their MVR 65 million profit in the last quarter f 2018.
Meanwhile, Island Aviation was able to make a profit of MVR 104 million in the first quarter of 2019 compared to the MVR 52 million they made in the same period last year, increasing their profits by 100%.
The increase in profits for both companies is a result of their initiative to reduce their expenditures. In addition to this Island Aviation has also reduced the number of loans attained.
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