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FINANCIAL NEWS
Saudi STC second-quarter profits down 8.7 percent
30 Jul 2015
(MENAFN) Saudi Telecom Co. (STC) announced logging a drop of its second-quarter profit of 8.7 percent, blaming rising costs which caused an extended profit slump.
The firm made a net profit of USD683 million in the three months to June 30, down from USD746.41 million in the prior-year period, according to a bourse statement.
STC said general and administrative costs, plus amortization and depreciation costs, rose by a combined USD65.57 million in the second quarter, while taxes and employee retirement payouts increased USD47.45 million.
Meanwhile, quarterly revenue expanded by 4.3 percent to USD3.25 million. STC reported falling profits in two of the preceding three quarters, stalling an improvement in its bottom line.
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