DUBAI, Oct 20 (Reuters) - Saudi Telecom Co (STC) reported a 31 percent drop in third-quarter net profit on Tuesday, missing estimates.
The former monopoly made a net profit of 2.32 billion riyals ($618.7 million) in the three months to Sept. 30, down from 3.37 billion riyals a year before. Analysts polled by Reuters had on average forecast STC would make 3.06 billion riyals.
The company competes domestically with Etihad Etisalat (Mobily) and Zain Saudi, and own stakes in operators in the Gulf, Turkey, South Africa and Asia
$1 = 3.7500 riyals Reporting by David French; Editing by Pravin Char