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FINANCIAL NEWS
Saudi STC reported USD125m profit in Q4
21 Jan 2013
(MENAFN) Saudi Telecom Co (STC) reported a 79 percent decline in quarterly profits after it took one-time charges related to affiliates in South Africa and India, Reuters reported.
Saudi Arabia’s top telecom operator said it made USD124.8 million net profit during the fourth quarter ended December 31, down from USD607.2 million a year ago.
The company said the sharp fall in fourth-quarter earnings was due to a one-off non-cash charge of USD170.7 million related to South Africa’s Cell C, and changes in Indian telecom regulations which resulted in a charge of USD544 million, related to Aircel.
STC also reported a 1.7 percent drop in quarterly revenue to USD3.99 billion from USD4.05 billion a year earlier.
Operating income for the quarter also fell by 32.5 percent to USD505.98 million.
For the full-2012, STC earned USD1.97 billion net profit, down from USD2.05 billion in 2011.
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