Saudi Telecom to quit Indonesia - The National

Saudi Telecom to quit Indonesia - The National:

"Saudi Telecom Company (STC) has started talks with a potential buyer to sell PT Axis, its Indonesian subsidiary, to combat a decline in profit.

Foreign exchange losses and valuation adjustments have resulted in a 41 per cent drop in the company's net profit for the second quarter of this year.

Despite a 4 per cent increase in revenue for the first six months of the year, STC recorded a net profit of 1.4 billion Saudi riyals (Dh1.36bn) for the second quarter, down from 2.4bn riyals a year earlier. The decline has also been attributed to a non-cash charge of 1.1bn riyals for a fair valuation of its investments in PT Axis and India's Aircel."

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