Capital gain lifts Telenor to record earnings

Oslo: Norwegian telecoms operator Telenor reported record 2022 profits on Thursday, thanks to a large capital gain from the merger of its Malaysian subsidiary with a local company.

Telenor’s full-year net profit rose to 44.9 billion kroner ($4.52 billion), including a one-time gain of 32.9 billion kroner booked in the fourth quarter.

At the end of the year, the Norwegian company completed the tie-up of its Malaysian subsidiary Digi with Celcom, owned by local group Axiata.