Pan-Nordic telco TeliaSonera said today that it plans to cut annual costs by over USD700 million over the next three years, after it reported disappointing fourth quarter profits. Net income fell to SEK2.09 billion (USD295 million) from SEK2.7 billion a year earlier, mainly due to costs involved in cutting jobs, writing down the value of assets and returning a licence in Denmark. Sales for the period rose slightly to SEK21.25 billion (SEK21.05 billion). The company says that further cost cuts will negatively affect its 2005 profits but will lead to market growth in the long term. The brunt of the operator’s plans, including redundancies, will affect its Swedish operations.