Norway-based Telenor Group has reported what it termed ‘all-time high revenues and EBITDA’ for the quarter ended 30 September 2014, as the company’s customer base swelled thanks to its Asian subsidiaries.
In the three month period under review Telenor generated a total turnover of NOK10.3 billion (USD1.65 billion), up from NOK9.619 billion in the corresponding quarter of 2013, with the group noting that it had seen higher revenues at all of its subsidiaries bar those in Thailand and Denmark; it claimed the ‘challenging business environments’ in the aforementioned locations had impacted operations, while Thailand-based DTAC also saw turnover in the first half of 2014 severely affected by the effect of lower interconnection rates. Meanwhile, Telenor Group also noted that its Broadcast unit saw lower revenues, attributable to the divestment of Conax.
Meanwhile, EBITDA before other items increased by NOK2.3 billion, or 8.5%, year-on-year, of which Telenor Group said NOK600 million came from the inclusion of Globul in Bulgaria, with the remainder coming on the back of improved performance in all units bar Denmark, Hungary, Montenegro & Serbia and Broadcast. Profit after taxes and non-controlling interests, however, fell by almost 34% to NOK2.586 billion.
In operational terms, at the end of September 2014 Telenor’s consolidated subscriber base totalled 179.008 million, up from 161.070 million a year earlier. Mobile subscriber numbers were up at all of the group’s subsidiaries, except for Serbia & Montenegro and Hungary. Notably, meanwhile, having only launched commercial services in Myanmar in late-September 2014, Telenor confirmed it had already attracted a total of 281,000 subscribers there by the end of the month, and the unit surpassed the one million milestone on 25 October 2014.
Commenting on the quarterly performance, Telenor Group president and CEO Jon Fredrik Baksaas noted: ‘During the third quarter, we continued to drive profitability and revenue growth and reported the best quarter ever in terms of EBITDA and operating cash flow … Based on the performance so far this year and our expectations for the remainder of 2014, we maintain our full-year guidance. As previously communicated, we expect an EBITDA margin above last year and low single digit organic revenue growth.’