Telenor: 2Q net profit jumps 42% to NOK3.25 billion

24 Jul 2007

Telenor has announced that its second-quarter profit rose 42% to NOK3.25 billion (USD568 million) as the company benefited from higher sales. The company said lower tax rates and higher income from associated companies also helped boost the result. Rebenues in the three-month period rose to NOK23.16 billion, from NOK22 billion a year earlier. The 2007 figure does not include results from its Ukrainian arm, Kyivstar, because of an ongoing legal dispute. Telenor has been at loggerheads with Russia’s Alfa Group, its fellow shareholder in both Vimpelcom and Kyivstar, over business strategy in Ukraine and Vimpelcom’s offer to buy Kyivstar, where Telenor holds a majority stake. The group said that despite the legal situation concerning Kyivstar, which has prevented Telenor from receiving financial information about the company due to legal action brought by Alfa, the unit has strengthened its market position in the quarter and is estimated to have improved its financial performance.

Norway, Telenor Group