Riyadh – Mubasher: Saudi Telecom Company (STC) posted on Thursday a net profit of SAR 2.15 billion ($573 million) for the fourth quarter of fiscal 2016, 10.26% up from SAR 1.95 billion ($520 million) for Q4-15.
The rise was attributed to a SAR 640 million decrease in cost of services, and a SAR 271 million decrease in operating expenses compared to the comparable quarter in the previous year, according to a bourse filing.
Consolidated revenues declined in Q4-16 by SAR 1.23 billion quarter-on-quarter, leading to a fall of SAR 323 million in operation income.
In the fiscal year 2016, net profit shrank 7.8% to SAR 8.54 billion from SAR 9.26 billion for fiscal 2015.
