Telenor’s turnover in 2Q15 up 17% y-o-y on positive currency effects

22 Jul 2015

Norwegian telecoms giant Telenor Group has published its financial results for the period ended 30 June 2015, with turnover for the second quarter of the year totalling NOK30.179 billion (USD3.89 billion), up from NOK25.657 billion a year earlier. With such figures representing a 17.6% year-on-year increase, Telenor noted that the growth was due in particular to positive currency effects of NOK5.8 billion, a ‘significant contribution’ from its Myanmar operation and ‘continued solid performance’ from its domestic unit. Meanwhile, the group was also keen to highlight the fact that organic revenue growth for the second quarter of 2015 was 6%.

EBITDA for 2Q 2015 stood at NOK10.424 billion, up from NOK9.317 billion, while the group noted that in the first half of this year EBITDA before other income and other expenses rose by NOK2.6 billion against 2Q14, of which NOK2.2 billion was reportedly related to currency effects. Underlying EBITDA improvements, meanwhile, were said to have mainly been driven by Myanmar and India. Adjusted operating profit in the three months ended 30 June 2014 stood at NOK6.413 billion, compared to NOK5.947 billion a year earlier, while profit after taxes and non-controlling interests in 2Q15 was NOK3.635 billion, up from NOK2.319 billion.

In operational terms, as at end-June 2015 Telenor Group had a total of 189.035 million mobile accesses on its books, up from 175.591 million twelve months earlier, with its Myanmar unit, which launched in September 2014, notably having signed up more than 9.5 million users since that date. Other subsidiaries to make large customers gains were Telenor’s Indian and Bangladeshi subsidiaries, which added 7.3 million and 3.9 million mobile subscribers in the year to end-June 2015.

Commenting on the quarterly performance, Telenor’s president and chief executive Jon Fredrik Baksaas was cited as saying: ‘Telenor continued to deliver encouraging results for the second quarter … Based on the performance in the first half of the year and our expectations for the rest of the year, we maintain our guidance for 2015.’

Norway, Telenor Group, Telenor Myanmar