Saudi Telecom falls in value amid mixed quarterly results
- Saudi Arabia: Saturday, October 20 - 2012 at 20:26
Despite negative input from U. S. markets and the consequent dip in oil prices, the Tadawul All-Share Index closed, after a weak opening, unchanged at 6,809.3 points Saturday. U. S. stocks fell the most in June after internte search engine Google.com, Microsoft and General Electric disappointed with their quarterly results. in Riyadh, Saudi Telecom Company or STC (off 0.91%) reported after the closing its net income during the 3rd quarter amounted to SR 1.95bn compared to SR 156bn for the corresponding quarter last year, an increase of 25%, and compared to SR2.41bn for the immediately prior quarter, a decrease of 19%. Commenting the results, STC said "the increase in net income for the quarter comparing with the corresponding quarter last year, is attributed to the increase in operating revenue which came as a result of the growth in Broadband (fixed & mobile), Business sector services and wholesales services revenues domestically and the overall growth in revenues from international operations. In addition, the improvements in operations efficiency domestically have contributed to this increase. While the decrease in net income for the quarter compared the immediate prior quarter despite the 4% increase in Q3 consolidated revenue compared to Q2, is attributed to the increase in operating expenses in our international operations in Q3."
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