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Telenor Posts Modest Improvement in Q1 Financials

Norway’s Telenor has posted a very slight rise in its first quarter profits as the company’s revenues also rose by a modest amount.

The company said that revenues for the quarter came in slightly higher in at NOK26.5 billion, while profits were NOK 3.67 billion.

“I am pleased to present a solid start to the year. We added 6 million new mobile subscribers in the first quarter of 2014, the company’s best customer surge in two years. This growth was mainly driven by India, Pakistan and Bangladesh. The underlying mobile service revenue growth improved to 5 percent in the quarter,” said Jon Fredrik Baksaas, President and CEO of Telenor Group.

The company is maintaining its financial outlook for the year, excluding Myanmar, of low single-digit organic revenue growth, a stable EBITDA margin and a capex to sales ratio of around 16%.

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