The drop was caused by a provision against a scrapped network sharing deal with Atheeb Telecom.
STC changed the valuation of last year’s sale of a majority stake in Indonesia’s Axis from a SAR598 million loss to a SAR41 million gain.
The former telecom monopoly, which operates in 19 countries, made a net profit of Dhs2.5 billion.
The company made a net loss of SAR329 million ($87.7 million) in the three months to June 30, according to a bourse filing.
The former monopoly made a net profit of KD59 million ($209 million) in the three months to June 30.
Zain’s Iraqi unit was sued by a local telecommunications firm over the $1.2 billion acquisition of rival operator Iraqna from Egypt’s Orascom Telecom in 2007.
In April, Zain revealed its Iraqi unit was being sued over the $1.2 billion acquisition of rival operator Iraqna from Egypt’s Orascom Telecom in 2007.
The deadline for all SIM registrations will end on July 16, 2014, the UAE telecom operator said.
Duncan Howard joined Zain last September and previously worked for Vodafone and Vodafone Egypt.
Talal Said Marhoon al-Mamari was previously chief financial officer of the company.
The firm plans to raise the amount from a loan or bond issue by the middle of next year.
The deal parties are Huawei, Nokia, NEC Corporation, Cisco Systems and Alcatel Lucent.
He replaces Abdulaziz Ibrahim Fakhroo, who is leaving as his term has ended.
Banks need to adopt a more simplified approach to apps in order for customers to fully grasp the concept, says Gartner.
Batelco, via wholly-owned subsidiary BMIC, had sued Chennai-based Siva and its chairman Chinnakannan Sivasankaran.
The issue’s success was due partly to factors specific to Etisalat, including its state ownership and healthy financial profile.
By 2019, 50 per cent of handset subscriptions in the Middle East and Africa will be for smartphones.
The issue was almost two times oversubscribed.
The 1.05 million square metre plot in Riyadh has a book value of SAR105.3 million.
Viva, which competes with Zain and Ooredoo subsidiary Wataniya, said it had 2.15 million mobile customers in 2013.
Etisalat, which last month mandated banks for the bond issue, may also issue a 30-year tranche.
Etisalat led a consortium that bought a 26 per cent stake in Pakistan Telecommunication for $2.6 billion, with $1.8 billion paid upfront.
The regulator had halted the trading of STC shares after the company failed to give sufficient details on a network sharing deal.
The Capital Market Authority (CMA) has suspended trading in Atheeb shares until the company provides more details.
The so-called Indefeasible Rights of Use (IRU) agreement gives Atheeb access to 30,000 STC data connections for 15 years.
Etisalat may issue paper of five and 10 years duration denominated in U.S. dollars, as well as offerings in euros with lifespans of seven and 12 years.
Atheeb said it wants to cancel the deal with Mobily “due to some technical and logistical difficulties”.
Analysts say the main attraction for Mobily, an affiliate of the UAE’ Etisalat, was to acquire Atheeb’s landline licence.
The deal, expected to be in place by the end of 2014, will intensify competition between the two telcos in the UAE.
Out of 190,185 mobile number porting requests received, only 55,555 were successfully transferred, the UAE’s telecom regulator said.