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STC posts 9% decline in second-quarter profits

STC posts 9% decline in second-quarter profits
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STC
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-4.35% 39.60 -1.80

Riyadh-Mubasher: Saudi Telecom Co. (STC), the kingdom’s leading telecom operator, made net earnings of SAR 2.6 billion during the second quarter of 2015, falling 9% compared with SAR 2.8 billion a year earlier.

The six-month net income declined 3% year-on-year from SAR 5.2 billion to SAR 5.1 billion.

The telecom operator attributed the profit decline to high operating expenses and fall in net revenues and other expenses.