Norway’s state-controlled telco Telenor has reported a net loss for its fourth quarter but has increased full-year earnings. A write-down of the value of its subsidiaries in Sweden and Denmark led to a net loss of NOK382 million in the three months to the end of December, down from a profit of NOK999 million twelve months earlier. Revenues for the quarter were up 14.2% to NOK 15.6 billion. For the full year, sales rose from NOK53.1 billion to NOK61.3 billion, while net earnings stood at NOK5.2 billion, up from NOK4.56 billion in 2003. Telenor says some of its overseas markets reported record subscriber growth, with an increasing proportion of its sales coming from its international cellular operations. The company now has 33.76 million mobile subscribers across Scandinavia, eastern Europe and Asia.