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FINANCIAL NEWS
Saudi STC profit up 96 percent in Q2
22 Jul 2014
(MENAFN) Net profit of Saudi Telecom Co. (STC), the Gulf’s biggest telecommunications operator by market value, boosted more than expected by 96 percent in the second quarter of the current year, according to Arab News.
Etihad Etisalat (Mobily) and Zain Saudi, made a net profit of USD747 million in the quarter, compared to USD381 million in the same period last year.
STC changed the valuation of last year’s sale of a majority stake in Indonesia’s Axis from USD159.4 million losses to a USD10.93 million gain, causing the second quarter�s net profit growth.
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