Telenor Q1 sales up, net profit down

5 May 2009

Telenor has posted a 65% drop in first-quarter net income to NOK1.6 billion (USD250 million), largely on the back of foreign exchange losses relating to its stake in Russian outfit Vimpelcom. Sales grew 6.8% to NOK24.5 billion despite the telco losing 137,000 users at Hungarian mobile subsidiary Pannon and 479,000 subscribers at associated company Kyivstar in Ukraine. Telenor says that it is evaluating and implementing efficiency programmes to improve cash flow, and it reiterated guidance that full-year 2009 sales will be largely unchanged from last year.

Norway, Telenor Group