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STC posts 54% jump in Q1 profits

April 23, 2014 12:58 pm

Saudi Telecom Co (STC) has posted a 54% jump in first-quarter profit, as provisions and losses from foreign units fell and it sold some assets, Reuters has reported. The GCC region’s largest telecoms operator by market value, which competes domestically with Etihad Etisalat (Mobily) and Zain Saudi, made a net profit of SR2.39bn ($637.3m) in the three months to March 31, compared with SR1.55bn in the prior-year period, it said. In the first quarter of 2013, STC took an impairment of SR500m on its Indian unit Aircel and a SR287m loss on Indonesian subsidiary Axis. In this year’s first quarter STC has not taken impairments on Aircel and has sold Axis. STC sold assets worth SR277m in the first quarter.