Saudi Arabia’s STC Group posted a net profit of SR 3.2 billion ($853m) for the fourth quarter of 2013. This marked an increase of 822% compared to the same period in 2012.
The telco attributed the result to a SR 2.2 billion decrease in losses from its investment in India’s Aircel. STC decreased its losses from Aircel by changing the way it accounted for the investment.
“This has resulted in STC group reversing its share of losses from Aircel Group for the period from 1 April 2013 to 30 September 2013 amounting to SR 795m,” STC said in a statement.
STC Group’s net profit for the full year 2013 increased by 37% year-on-year to reach SR 2.7 billion. The company said that its operating profit for the year rose by 13% to SR 1.3 billion as a result to the SR 857 million increase in revenue from services compared to the previous year, and a 7% decline in cost of services.
Services revenue for 2013 reached SR 45.6 billion, an increase of 2% compared to the previous year.