Telenor: second-quarter results disappoint, shares hit
(CercleFinance.com) - Telenor posted a decrease in second-quarter organic subscription and traffic revenues on Tuesday, sending its shares down more than 5 percent.
The Nordic phone operator said total reported revenues were up 2% at 28 billion Norwegian crowns, but subscription and traffic revenues dropped by 1% on an organic basis in the past quarter.
Earnings before interest, tax, depreciation and amortisation (EBITDA) before items fell to 11.1 billion crowns in the April to June period from 11.3 billion a year earlier, with an EBITDA margin of 40%.
Based on these results so far this year, Telenor expects subscription and traffic revenues at around the 2018 level, and a low single digit EBITDA decline.
Shares in Telenor fell 5 per cent to 173 crowns, underperforming a 0.9 per cent drop in the benchmark index OSEBX.
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