Telenor has reported first quarter core earnings that were below forecasts, but stuck to its guidance for the full year. Earnings before interest, tax, depreciation and amortisation (EBITDA) for the three months ended 31 March 2008 rose to NOK7.12 billion (USD1.49 billion) from NOK7.04 billion a year earlier, below an average forecast of NOK7.34 billion. ‘In the first quarter of 2008 we saw continued underlying revenue growth combined with a stable EBITDA margin,’ Chief Executive Jon Fredrik Baksaas said in a statement. ‘The appreciation of the Norwegian crown puts pressure on our reported revenue growth,’ he added. Revenues for the first quarter rose from NOK25.27 billion in 2007 to NOK26.29 billion, while net profit jumped from NOK3.19 billion to NOK4.57 billion. Across the group’s operations the company claimed 147 million wireless subscribers at the end of March.