STC Q2 profit doubles to SR2.80 billion

STC Q2 profit doubles to SR2.80 billion
Updated 22 July 2014

STC Q2 profit doubles to SR2.80 billion

STC Q2 profit doubles to SR2.80 billion

DUBAI: Saudi Telecom Co. (STC), the Gulf's biggest telecommunications operator by market value, reported a 96 percent surge in second-quarter profit on Monday, beating analysts' estimates because of a change in the valuation of an Asian divestment.
The firm, which competes domestically with Etihad Etisalat (Mobily) and Zain Saudi, made a net profit of SR2.80 billion ($747 million) in the three months to June 30, up from SR1.43 billion in the prior-year period.
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 SR2.65 billion.
The group changed the valuation of last year's sale of a majority stake in Indonesia's Axis from a SR598 million loss to a SR41 million gain, resulting in the second-quarter net profit rise, it said.