Telenor’s profits halve in second quarter

Norwegian telecommunications group Telenor, which has operations in both Thailand and Malaysia, reported Thursday that its second quarter net profit halved from last year’s levels, as it said the global financial downturn continued to impact business.

Net profit was 1.37 billion kroner (217 million dollars), compared to 3.5 billion kroner in the corresponding business period 2008. Sales in the quarter were 26.9 billion kroner, compared to 27 billion kroner in second quarter of 2008.

In a comment, chief executive Jon Fredrik Baksaas said ‘the trends from the first quarter of 2009 continued into this quarter, with a challenging business environment affecting the telecom sector.’

The group has some 168 million mobile subscribers worldwide.


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