Telenor cuts profit forecast as Q3 EBITDA slides

25 Oct 2007

Telenor has posted a 18% drop in Q3 EBITDA and cut its revenue forecast for 2007, due to the strong Norwegian currency. EBITDA fell to NOK7.48 billion (USD1.41 billion) in the three months to 30 September from NOK9.15 billion a year earlier. The company said currency fluctuations may increasingly affect figures: ‘We now see higher pressures on reported revenue growth due to the appreciation of the Norwegian crown in 2007 and the overall competitive situation in some of our markets,’ Chief Executive Jon Fredrik Baksaas said in a statement. Group revenues for the quarter fell from NOK23.25 billion to NOK23.23 billion, while adjusted operating profit slipped from NOK5.47 billion to NOK4.03 billion. Net income climbed from NOK3.78 billion to NOK4.45 billion.

Norway, Telenor Group