Saudi Telecom Q1 profit falls 5.2pc

19/04/2016 19:39 AST

Saudi Telecom Co (STC) missed estimates and extended an earnings slump as it reported a 5.2 percent fall in first-quarter profit on Tuesday.

The former monopoly, which competes domestically with Etihad Etisalat (Mobily) and Zain Saudi, made a net profit of SR2.38 billion in the three months to March 31. This compares with SR2.5 billion in the prior-year period, a bourse statement said.

Analysts polled by Reuters had on average forecast STC, which own stakes in operators in the Gulf, Turkey, South Africa and Asia, would make a quarterly profit of SR2.496 billion.

STC had reported falling profits in five of the preceding six quarters, stalling a sudden improvement in its bottom line that had been sparked by the operator trimming its international ambitions and refocusing on its lucrative home market.

STC's quarterly revenue was SR12.76 billion, versus SR12.47 billion in the corresponding period of 2015, an increase of 2.3 percent.


Reuters

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