Norway's Telenor Group has reported revenues of NOK 23.95 billion (US$4 billion), representing an organic revenue growth of 3 percent - although it was down by 3% compared to last year. Net profit was down from NOK 1.6 billion (US$267 million) to a shade over NOK 1 billion (US$172 million).
The drop in net profit was largely down to accounting changes due to the settlement with Vimpelcom and Kyivstar, and a higher tax rate.
The EBITDA margin in the first quarter of 2010 was 30 per cent, and operating cash flow margin was 20 per cent. Telenor's mobile operations added 5 million subscriptions during the quarter, reaching a total of 179 million.
"The Telenor Group started the year with a strong quarter. Current trends in the Asian and Nordic regions are positive and I am pleased to see that the Telenor Group had a rebound in organic revenue growth. Operating cash flow was close to NOK 5 billion due to a combination of strong financial results and good capital discipline," said Jon Fredrik Baksaas, President and CEO of Telenor.
"As a result of recovery in Asia and improved performance in the Nordic region, we expect a slightly stronger EBITDA margin for 2010 compared to our previous outlook. In addition, we revise our expected capex to sales ratio slightly downwards, following the development in Uninor and lower overall investments during the first quarter," Baksaas ends.
No comments:
Post a Comment