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Saudi Telecom Q2 net up 9 percent, tops forecasts

STC made a net profit of 2.256 billion Saudi riyals ($601.6 million) in the three months to end-June, compared to 2.062 billion riyals in the same period a year earlier, said the statement posted on the bourse website.

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July 19, 2011 8:57 by



Saudi Telecom Co (STC) reported a 9 percent increase in second-quarter net profit, beating forecasts, according to a statement issued on Monday.
STC made a net profit of 2.256 billion Saudi riyals ($601.6 million) in the      three months to end-June, compared to 2.062 billion riyals in the same period a year earlier, said the statement posted on the bourse website.
Analysts surveyed by Reuters expected on average the firm to post a net profit of 1.99 billion riyals for the quarter.
The company proposed to pay a dividend of 0.5 riyal per share for the second quarter, it said in another statement.

(Reporting by Firouz Sedarat in Dubai)



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