Bloomberg News

Saudi Telecom Drops Most in Ten Weeks After Quarterly Net Falls

October 22, 2011

Oct. 22 (Bloomberg) -- Saudi Telecom Co. plunged the most in ten weeks after Saudi Arabia’s largest phone company by market value said third-quarter profit retreated 53 percent.

The shares fell 4.4 percent, the largest intraday loss since Aug. 6, to 34.50 riyals at 11:12 a.m. after declining as much as 5.8 percent.

Saudi Telecom’s third-quarter net income declined to 1.56 billion riyals ($416 million) from 3.32 billion riyals a year earlier as it booked foreign-exchange losses and set aside money for provisions, the Riyadh-based company said on Oct. 19.

--Editor: Paul Verschuur

STC AB

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net


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