Saudi Telecom profits jump as overseas losses fall

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* Net profit 2.39 bln riyals vs 1.55 bln a yr earlier * STC investment losses drop 79 pct, provisions fall * Revenue 10.78 bln riyals vs 11.47 bln a yr earlier (Adds details) By Matt Smith DUBAI, April 21 (Reuters) - Saudi Telecom Co (STC), the Gulf's **.1 telecom operator by market value, reported a 54 percent jump in first-quarter profit as provisions and losses from foreign units fell and it sold some assets. The firm, which competes domestically with Etihad Etisalat and Zain Saudi, made a net profit of 2.39 billion riyals ($637.3 million) in the three months to March 31, up from 1.55 billion riyals in the prior-year period, it said in a statement. STC chairman and managing director Abdulaziz Alsugair said the company was focusing on reinforcing its presence in its home market.

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