Telenor earnings rise on merger gain

Robert Clark
22 Jul 2010

Norway’s Telenor boosted quarterly profit sevenfold as a result of a gain from its deal with Alfa, but losses from its Indian business weighed on the result.

The company announced a net profit of 9.6 billion ($1.50b), driven by an exceptional NOK6.5 billion gain from the settlement of the long-running dispute with Alfa, which ended with the mergers of their Russian and Ukraine telecom assets.

It also said it would buy back 3% of outstanding stock to improve shareholder returns.

Outside the Alfa deal, sales were flat, with currency fluctuations offsetting the 13% growth from Telenor’s five Asian units.

Telenor said a NOK1.3 billion ($207m) ebitda loss from its new Indian operation Uninor was mostly to blame for the lower ebitda, which was down 12% to NOK6.9 billion ($1.1b).

Related content

No Comments Yet! Be the first to share what you think!
This website uses cookies
This provides customers with a personalized experience and increases the efficiency of visiting the site, allowing us to provide the most efficient service. By using the website and accepting the terms of the policy, you consent to the use of cookies in accordance with the terms of this policy.