JEDDAH: Saudi Telecom Co. (STC) has reported a 73 percent rise in third-quarter profit, well above estimates, as the company cut costs.

The increase could help reassure investors after the company announced surprise profit declines in the preceding three quarters due to writedowns on some of its foreign investments.

The firm made a net profit of SR3.39 billion in the three months to Sept. 30, up from SR1.95 billion in the prior-year period, according to a statement to the Saudi bourse.

Analysts polled by Reuters had on average forecast that STC, with operations in the Gulf, Turkey, South Africa and Asia, would make a quarterly profit of SR2.12 billion.