Riyadh – Mubasher: Saudi Telecom Company (STC) on Tuesday reported a net profit of SAR 2.37 billion ($632 million) for the first quarter of 2016, registering a 5% decline from SAR 2.5 billion ($667 million) achieved in the same period the year before.
STC noted that total income was lower during Q1-16 reaching SAR 323 million on a year-on-year basis due to an increase in the cost of its services by 12.3%. This came despite a growth in service revenues to SAR 285 million.
Operating profits were up during the three-month period, reaching SAR 53 million owing to a rise in general and administrative expenses to SAR 155 million year-on-year.
