Telenor’s third-quarter core earnings came in higher than estimated due to a one-off gain in Pakistan, the Norwegian telecoms operator said on Wednesday, and also reiterated that it expects its full-year profit to be in line with 2021 levels.<\/p>\n
Dented by soaring inflation and intense competition, the company’s shares have lost 35% year-to-date, closing at a 10-year low on Tuesday.<\/p>\n
The operator, which has about 175 million customers in eight countries across the Nordic region and Asia, issued a profit warning for 2022 last month, citing spiralling energy costs.<\/p>\n
“For the group, high energy prices, especially in Norway, Denmark and Pakistan, continue to be a headwind,” Chief Executive Officer Sigve Brekke said in a statement on Wednesday.<\/p>\n
“However, the negative effects are, this quarter, countered by a reversal of SIM tax provision in Pakistan.”<\/p>\n
The gain of 600 million crowns ($57.79 million) in Pakistan, one of Telenor’s four Asian markets, was linked to a court decision on the applicability of tax on mobile phone SIM cards for the period from 2014 to 2020.<\/p>\n
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for July-September rose 1.6% year-on-year to 13.06 billion crowns, while analysts on average had expected 12.51 billion crowns.<\/p>\n
The one-off gain could help Telenor meet its annual goal of unchanged profit versus last year, it said.<\/p>\n
The group maintained its investment forecast for the year, predicting capital expenditure would amount to 16-17% of sales, and reiterated that service revenue would see “low single-digit growth”.<\/p>\n
“We see positive trends for mobile service revenue in the Nordic region, with a growth of 4% in the third quarter,” Brekke said.<\/p>\n
Last month, the company announced a restructuring of its Nordic business and a potential listing of its Asian unit.<\/p>\n","protected":false},"excerpt":{"rendered":"
Telenor’s third-quarter core earnings came in higher than estimated due to a one-off gain in Pakistan, the Norwegian telecoms operator said on Wednesday, and also reiterated that it expects its full-year profit to be in line with 2021 levels. Dented by soaring inflation and intense competition, the company’s shares have lost 35% year-to-date, closing at a 10-year low on Tuesday. The operator, which has about 175 million customers in eight countries across the Nordic region and Asia, issued a profit warning for 2022 last month, citing spiralling energy costs. “For the group, high energy prices, especially in Norway, Denmark and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-799612","post","type-post","status-publish","format-standard","hentry","category-telecom"],"acf":[],"_links":{"self":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/799612","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/comments?post=799612"}],"version-history":[{"count":0,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/799612\/revisions"}],"wp:attachment":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/media?parent=799612"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/categories?post=799612"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/tags?post=799612"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}