Daily Management Review

Net profit of Telenor increased 1.9 times in the first half of 2018


The net profit of the Norwegian telecom giant Telenor in the first half of 2018 increased 1.9 times year-on-year, reaching NOK 7.642 billion ($ 943 million), the company said in a statement.

The diluted earnings per share of the holding increased to 5.15 kroner ($ 0.6) from 2.67 kroner ($ 0.3) for the first six months of 2017. Revenue for the reporting period decreased by 2.3% to 54.653 billion kroner ($ 6.7 billion).

In the second quarter, net profit of Telenor was 2.628 billion kroner ($ 324.4 million) against a loss of 167 million kroner ($ 20.6 million). Diluted earnings per share for the second quarter amounted to 1.79 kroner ($ 0.22) compared to a loss of 0.11 kroner ($ 0.01) in the same period a year earlier. Revenues for the reporting period decreased by 3% and amounted to 27.503 billion kroner (about $ 3.4 billion).

The main growth indicators were recorded in Scandinavia. So, the revenue in Sweden and Norway for six months increased by 0.7%. The largest revenue decline for the reporting period was observed in Pakistan and Bangladesh - by 10.7% and 9.7% respectively. Telenor notes that as of the end of the first half of the year, the holding's total client base is 172 million people.

"Telenor continues to attract customers and shows high efficiency in the first half of 2018. In the second quarter we saw good operating results in Scandinavia, especially in the mobile market in Norway," the president and CEO Sigve Brekke said in a release.

Telenor operates in the telecommunications markets of Scandinavia, Central and Eastern Europe, and Asia.

source: bloomberg.com