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Telenor Group reports net loss in 2Q22 on forex losses and Pakistan impairment

19 Jul 2022

Norway’s Telenor Group has published its financial results for the three months ended 30 June 2022, claiming to have delivered ‘performance in line with [its] expectations with a 2% growth in service revenues and stable EBITDA’. In the period under review, the group generated a total turnover of NOK28.036 billion (USD2.77 billion), representing an annualised increase of 3.2%, although it noted that organic revenue growth was lower at 2.2%. Meanwhile, service revenues totalled NOK21.667 billion, compared to NOK21.033 billion in 2Q21, with Telenor Group saying that organic service revenue growth was 1.5% in 2Q22.

With regards to other key financial metrics, Telenor Group said that reported EBITDA before other items was NOK12.501 billion in the second quarter of 2022, compared to NOK12.353 million in the corresponding period a year earlier. However, the company recorded a net loss of NOK1.113 billion in 2Q22, compared to the net profit of NOK2.188 billion it had reported for 2Q21, attributable to currency losses of NOK2.3 billion as well as the recognition of a NOK2.5 billion impairment related to Pakistan; that impairment was said to have been made ‘as a consequence of deteriorating macro-economic situation and adverse ruling of Supreme Court in the licence renewal case’.

Looking ahead, Telenor Group said that based on its performance in the first half of 2022, for the full financial year it expects low single digit growth in organic service revenues, organic EBITDA at ‘around 2021 level’, and a CAPEX to sales ratio between 16% and 17%.

In terms of operational indicators, meanwhile, Telenor Group reported a consolidated mobile subscription total of 174.983 million as of 30 June 2022, up from 170.284 million a year earlier. Notable gains were reported at the group’s units in Bangladesh, Thailand and Pakistan, where mobile subscriptions increased by 2.628 million, 1.028 million, 711,000, respectively.

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