Saudi Telecom's Q1 net drops 29%

20 April 2010

Saudi Telecom has reported a 29% fall in first quarter net profit, Reuters has reported. STC made a net profit of SR1.772bn in the three months to end March 31, down from SR2.49bn in the year-earlier period. The telecoms firm attributed the drop to a fall in international call prices, a rise in fees related to using external networks and an increase in expenses due to capital investments throughout the group, including establishing new networks and expanding existing ones.

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