Jan 20 (Reuters) - Saudi Telecom Co (STC), the Gulf’s No.1 telecom operator by market value, reported surging fourth-quarter profit on Monday after it changed its method of accounting for an Indian affiliate.
The company made a net profit of 3.62 billion Saudi riyals ($965 million) in the three months to Dec. 31, up from 393 million riyals in the prior-year period, according to a bourse statement
STC’s full-year profit was for 2013 was 9.99 billion riyals, up from 7.28 billion riyals a year earlier.
In the fourth quarter, STC changed its accounting method for its investment in India’s Aircel Group, backdating this to the second quarter 2013, the statement said.
$1 = 3.7505 Saudi riyals Reporting by Matt Smith; editing by Keiron Henderson