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Saudi Telecom Q2 net profit reaches SR2.56bn
(MENAFN- Arab News) JEDDAH: Saudi Telecom Co. (STC) blamed rising costs as it posted an 8.7 percent fall in second-quarter profitto extend a profit slump.
The firm made a net profit of SR2.56 billion ($683 million) in the three months to June 30 down from SR2.80 billion 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 SR246 million in the second quarter while taxes and employee retirement payouts together increased SR178 million.
Quarterly revenue grew 4.3 percent to SR12.22 million.
STC reported falling profits in two of the preceding three quarters stalling an improvement in its bottom line that had been due to trimming its international ambitions and refocusing on its lucrative home market.
In February the telecommunications regulator announced it would cut interconnection costs.
The firm made a net profit of SR2.56 billion ($683 million) in the three months to June 30 down from SR2.80 billion 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 SR246 million in the second quarter while taxes and employee retirement payouts together increased SR178 million.
Quarterly revenue grew 4.3 percent to SR12.22 million.
STC reported falling profits in two of the preceding three quarters stalling an improvement in its bottom line that had been due to trimming its international ambitions and refocusing on its lucrative home market.
In February the telecommunications regulator announced it would cut interconnection costs.
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