DUBAI Oct 19 Saudi Telecom Co (STC)
met estimates as it reported a 7.5 percent fall in third-quarter
profit on Wednesday.
The former monopoly, which competes domestically with Etihad
Etisalat (Mobily) and Zain Saudi, made a net
profit of 2.15 billion riyals ($573.2 million) in the three
months to Sept. 30. This compares with a profit of 2.32 billion
riyals in the prior-year period, a bourse statement said.
Six analysts polled by Reuters had on average forecast STC,
which owns stakes in operators in the Gulf, Turkey and Asia,
would make a quarterly profit of 2.16 billion riyals.
STC had reported falling profits in seven of the preceding
eight quarters, stalling an improvement in its bottom line that
had been sparked by the operator trimming its international
ambitions and refocusing on its lucrative home market.
($1 = 3.7510 riyals)
(Reporting by Tom Arnold; Editing by David French)