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STC posts 79% drop in Q4 profit
- Saudi Arabia: Tuesday, January 22 - 2013 at 06:32
Saudi Telecom Co (STC) has posted a 79% drop in fourth-quarter profit, after it took one-time charges related to affiliates in South Africa and India, Reuters has reported. The Gulf's largest telecoms operator made a net profit of SR468m ($124.8m) in the three months to December 31, down from a SR2.28bn in the prior-year period. STC attributed the decline to charges on adjusting the fair value on its investment in South Africa's Cell C and Aircel in India, leading to a one-off non-cash charge of SR641m, and changes in Indian telecom regulations which resulted in a charge of SR544m, related to Aircel.
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