Telenor: reports falling quarterly profit
(CercleFinance.com) - Norwegian telecoms group Telenor said revenues and profits fell in the second quarter, as the operator continues to execute its simplification strategy while increasing efficiency.
It said earnings before interest, taxes, depreciation and amortisation (EBITDA) before other income and other expenses reached 11.3 billion Norwegian krone in the quarter, from 11.6 billion in last year's quarter.
Revenues fell to 27.5 billion Norwegian krone, compared to 28.3 billion in the second quarter of 2017.
Discontinued operations include Telenor India, as well as Hungary, Montenegro, Serbia and Bulgaria.
"In the second quarter we saw robust operations in Scandinavia, particularly in the mobile market in Norway," Telenor said.
However, performance seemed to be mostly supported by structural savings. Year to date, the group has reduced its operational expenses by close to 1 billion Norwegian krone.
For 2018, the group has maintained its expectations of an organic subscription and traffic revenue growth of 1-2%, and an organic EBITDA growth of 2-3%.
Shares in Telenor were down 2.8 per cent to 158.7 Norwegian krone, underperforming a 0.7 per cent fall in the STOXX Europe 600 Telecommunications index and a 0.7 per cent rise on Oslo's OBX index.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
It said earnings before interest, taxes, depreciation and amortisation (EBITDA) before other income and other expenses reached 11.3 billion Norwegian krone in the quarter, from 11.6 billion in last year's quarter.
Revenues fell to 27.5 billion Norwegian krone, compared to 28.3 billion in the second quarter of 2017.
Discontinued operations include Telenor India, as well as Hungary, Montenegro, Serbia and Bulgaria.
"In the second quarter we saw robust operations in Scandinavia, particularly in the mobile market in Norway," Telenor said.
However, performance seemed to be mostly supported by structural savings. Year to date, the group has reduced its operational expenses by close to 1 billion Norwegian krone.
For 2018, the group has maintained its expectations of an organic subscription and traffic revenue growth of 1-2%, and an organic EBITDA growth of 2-3%.
Shares in Telenor were down 2.8 per cent to 158.7 Norwegian krone, underperforming a 0.7 per cent fall in the STOXX Europe 600 Telecommunications index and a 0.7 per cent rise on Oslo's OBX index.
Copyright (c) 2018 CercleFinance.com. All rights reserved.