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FINANCIAL NEWS
STC records net profit of USD 0.63bn
20 Apr 2016
(MENAFN) Saudi Telecom Co. (STC) attributed rising costs for a 5.2 percent fall in Q1 profit, which extended an earnings slump and missed estimates.
Furthermore, the former monopoly, which competes locally with Etihad Etisalat (Mobily) and Zain, made an income of USD 634.84mn.
Additionally, the cost of services increased 12.3 percent, whereas general and administrative costs grew by USD 88.49mn.
The company’s revenue was USD 3.40bn, against USD 3.32bn in the corresponding period of 2015, an increase of 2.3 percent.
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