Telenor Gained Higher Second-Quarter Net Profit

Norwegian telecommunications company Telenor on July 24, 2007 reported higher net profit for second quarter 2007, and an increase in turnover. Net profit for Telenor was 3.25 billion kroner (568 million dollars), up from 2.28 billion kroner for the corresponding business period 2006.
Turnover for Norway’s largest telecommunications group increased 5 per cent to 23.15 billion kroner and the group said it added 5 million mobile phone subscriptions in the quarter.
In Asia, group companies Telenor Pakistan and DiGi in Malaysia continued their “impressive development,” said Telenor Chief Executive Jon Fredrik Baksaas while prices had dropped in Thailand.
In its Norwegian home market Telenor said it had a market share of 54 per cent in the mobile telephone sector while the group’s fixed line revenue in Norway suffered due to fewer subscriptions, price cuts and lower traffic volumes.
In its outlook, Telenor said it expected revenue growth of some 3 to 5 per cent during 2007. The estimate was based on the assumption that Kyivstar would not be consolidated.
In addition to Norway and neighbouring Sweden and Denmark, Telenor has operations in Hungary, Serbia, Montenegro, Pakistan, Thailand, Malaysia and Bangladesh.

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