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Norway's Telenor reports 16 pct rise in Q3 profit

Norway's Telenor reports 16 pct rise in Q3 profit

Norwegian telecommunications group Telenor ASA on Thursday reported a 16 percent rise in third-quarter profit, as strong returns in its Asian markets offset declining profits in the troubled Eastern European operations.
Net profit climbed to 3.5 billion kroner ($610 million) in the third quarter from 3 billion kroner a year earlier. The group drew revenues of 24.3 billion kroner in the July through September period, up slightly from 23.4 billion kroner in the same period in 2008.
A strong quarter in Telenor's Pakistani and Bangladeshi operations contributed to a sustained revenue stream. However, the company took a hit in Ukraine and Serbia, where the global financial crunch has depressed the telecoms market.
Telenor said it plans to continue adjusting to the new market climate by curtailing costs.
"We continue to scale our activities to be aligned with the current business environment," Chief Executive Officer Jon Fredrik Baksaas said. He added that the "focus on cost control and improved efficiency" is expected to result in higher margins for the full year than originally expected.


Updated : 2021-08-01 12:04 GMT+08:00