Saudi Telecom Co ( STC ), the Gulf's No.1 telecom operator by market value, reported a 4.7 percent rise in first-quarter profit on Monday, beating estimates.
The firm, which competes domestically with Etihad Etisalat ( Mobily ) and Zain Saudi , made a net profit of 2.50 billion riyals ($666.65 million) in the three months to March 31, up from 2.39 billion riyals in the prior-year period.
Three analysts polled by Reuters on average forecast STC , which own stakes in operators in the Gulf, Turkey, South Africa and Asia, would make a quarterly profit of 2.32 billion riyals.
STC reported falling profits in the preceding two quarters, stalling a sudden improvement in its bottom line that had been due to triming its international ambitions and refocusing on its lucrative home market.
($1 = 3.7501 riyals)
Source: http://www.zawya.com/story/Saudi_Telecom_Q1_net_profit_rises_47-TR20150420nL5N0XG02RX3/
