Norway’s Telenor warns on 2020 revenue, profit in face of pandemic

OSLO: Norway’s Telenor on Tuesday warned that 2020 revenue and earnings will fall short of its outlook as the coronavirus pandemic wreaks havoc, while posting first-quarter operating profit slightly ahead of forecasts.

The telecom company’s January-March earnings before interest, tax, depreciation and amortisation (adjusted EBITDA) rose 13.7% year-on-year to 14.1 billion Norwegian crowns ($1.34 billion), while analysts in a Refinitiv poll on average expected a profit of 13.81 billion crowns.