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FINANCIAL NEWS
Saudi STC reports USD381m profit in Q2
23 Jul 2013
(MENAFN) Saudi Telecom Company (STC), the No.1 mobile operator in Saudi Arabia, reported a 41 percent decline in quarterly earnings, Arabian Business reported.
The company said it made USD380.95 million net profit during the second quarter, down from a year earlier.
Net profit during the first six months of 2013 also fell 30 percent to USD794 million compared to USD1.3 billion a year ago.
The decrease in net profit for the first half was attributed to the booking of one-time, non-recurring and non-cash charge of USD294.3 million resulting from fair valuation of its investments in Asia (Aircel and Axis) and unrealized FX losses of USD160.22 million.
STC also said that impacting the results was also the disposal of fixed assets with a net book value of USD7385 million during the first quarter.
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