Saudi Telecom Company (STC) missed estimates as it reported a 27.1 percent fall in second-quarter profit on Tuesday.

The former monopoly, which competes domestically with Etihad Etisalat (Mobily) and Zain Saudi, made a net profit of SR1.87 billion ($498.6 million) in the three months to June 30. This compares with a profit of SR2.56 billion in the prior-year period, a bourse statement said.

Four analysts polled by Reuters had on average forecast STC, which own stakes in operators in the Gulf, Turkey and Asia, would make a quarterly profit of SR2.37 billion.

In a separate statement, the company said its board was proposing a cash dividend for the second quarter of SR1 per share, the same payout as the corresponding period of 2015. - Reuters