Norway’s Telenor raises annual outlook despite quarterly profit slump

NEW DELHI: Telenor raised its full-year revenue outlook on Tuesday, despite the Norwegian telecoms operator posting a weaker-than-expected quarterly adjusted operating earnings.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the April-June quarter fell to 12.35 billion Norwegian crowns ($1.38 billion), from 13.18 billion crowns a year earlier, and missed forecasts of 12.7 billion crowns in a company-compiled poll.

“Telenor returned to growth in the second quarter. The growth was driven by strong performance in the Nordics, combined with a growing subscriber base and increased data consumption in the Asian markets,” Chief Executive Signe Brekke said in a statement.