DUBAI, July 26 (Reuters) - Saudi Telecom Co (STC) missed estimates as it reported a 27.1 percent fall in second-quarter profit on Tuesday.
The former monopoly, which competes domestically with Etihad Etisalat (Mobily) and Zain Saudi , made a net profit of 1.87 billion riyals ($498.6 million) in the three months to June 30. This compares with a profit of 2.56 billion riyals in the prior-year period, a bourse statement said.
Four analysts polled by Reuters had on average forecast STC, which own stakes in operators in the Gulf, Turkey and Asia, would make a quarterly profit of 2.37 billion riyals.
In a separate statement, the company said its board was proposing a cash dividend for the second quarter of 1 riyal per share, the same payout as the corresponding period of 2015.
($1 = 3.7503 riyals)
(Reporting by Tom Arnold; Editing by David French) ((Tom.Arnold@thomsonreuters.com; +97144536265; Reuters Messaging: tom.arnold.thomsonreuters.com@reuters.net))
The former monopoly, which competes domestically with Etihad Etisalat (Mobily) and Zain Saudi , made a net profit of 1.87 billion riyals ($498.6 million) in the three months to June 30. This compares with a profit of 2.56 billion riyals in the prior-year period, a bourse statement said.
Four analysts polled by Reuters had on average forecast STC, which own stakes in operators in the Gulf, Turkey and Asia, would make a quarterly profit of 2.37 billion riyals.
In a separate statement, the company said its board was proposing a cash dividend for the second quarter of 1 riyal per share, the same payout as the corresponding period of 2015.
($1 = 3.7503 riyals)
(Reporting by Tom Arnold; Editing by David French) ((Tom.Arnold@thomsonreuters.com; +97144536265; Reuters Messaging: tom.arnold.thomsonreuters.com@reuters.net))
