Telia: announces share buybacks, raises cash flow guidance
(CercleFinance.com) - Telia, the Scandinavian telecom operator, said it was raising its outlook for 2018 and is initiating a share buyback program, which has sent its shares higher in Stockholm today.
The group posted a first-quarter net loss of 600 million Swedish kronor, compared to a profit of 7 billion Swedish kronor the year before, mainly due to capital losses made on the disposals of Azercell and Geocell, and an impairment charge on Uzbekistan's Ucell.
Net sales in local currencies, excluding acquisitions and disposals, increased 0.2%.
Nevertheless, Telia said that it is slightly changing its cash flow guidance for 2018, now expecting it to be above last year's level.
Its board of directors has also decided to buy back shares equivalent to 5 billion Swedish kronor per year over the next three years, representing a total of 15 billion Swedish kronor.
Telia shares have risen sharply on this news (+9.3%) to 41.6 Swedish kronor in morning trading today.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The group posted a first-quarter net loss of 600 million Swedish kronor, compared to a profit of 7 billion Swedish kronor the year before, mainly due to capital losses made on the disposals of Azercell and Geocell, and an impairment charge on Uzbekistan's Ucell.
Net sales in local currencies, excluding acquisitions and disposals, increased 0.2%.
Nevertheless, Telia said that it is slightly changing its cash flow guidance for 2018, now expecting it to be above last year's level.
Its board of directors has also decided to buy back shares equivalent to 5 billion Swedish kronor per year over the next three years, representing a total of 15 billion Swedish kronor.
Telia shares have risen sharply on this news (+9.3%) to 41.6 Swedish kronor in morning trading today.
Copyright (c) 2018 CercleFinance.com. All rights reserved.