STC reports 38.5% drop in Q1 earnings
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STC reports 38.5% drop in Q1 earnings

STC reports 38.5% drop in Q1 earnings

Saudi Telecom Co (STC) has posted a 38.5% year-on-year decline in first-quarter net profit after taking charges relating to an affiliate in India, Reuters has reported. The Gulf's second-largest telecoms operator made a net profit of SR1.55bn ($413m) in the three months to March 31, down from SR2.52bn a year earlier.

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