Mubasher - Riyadh: Saudi Telecom Company (STC) on Tuesday said its net profit declined 27% year-on-year to SAR 1865 million ($497.3 million) in the second quarter of 2016 from SAR 2558 million ($682.1 million).
Falling net profit was ascribed to higher operating expenses by SAR 563 million and higher sales and marketing expenses by SAR 141 million year-on-year in Q2-16, according to a bourse filing.
The company’s net profit also fell 16% to SAR 4241 million in the first half of 2016 from SAR 5062 million in the same period of 2015.
