World VoIP NewsImproved contribution from affiliates boosts Telenor 4Q net profitImproved contribution from affiliates boosts Telenor 4Q net profit

Improved contribution from affiliates boosts Telenor 4Q net profit


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Having released its financial results for the three months to end-December 2009, Norwegian telecoms group Telenor reported a better-than-expected net profit in the last quarter of the year.
Having released its financial results for the three months to end-December 2009, Norwegian telecoms group Telenor reported a better-than-expected net profit in the last quarter of the year.

For the final three months of 2009 Telenor posted a net profit of NOK2.49 billion (USD418 million), up 26.9% compared to the same period a year earlier, with the company attributing the rise to better contributions from its affiliated companies.

For full year 2009 however Telenor noted that its share of profit from associated companies had been negatively affected by foreign exchange losses, primarily related to Russian operator Vimpelcom’s loan portfolio, coupled with an adjustment of previously estimated figures for the Russian cellco in 2008. As a result, for FY 2009 Telenor posted a net income of NOK8.98 billion, down from NOK13.1 billion in 2008. Revenue for the group in the final three months of 2009 totalled NOK24.19 billion meanwhile, down 6.5% year-on-year, with 2009 full year revenue standing at NOK97.65 billion, compared to NOK96.17 billion a year earlier. Earnings before interest, tax, depreciation and amortisation (EBTIDA) in 4Q 2009 were NOK6.69 billion, a decline of 15.2% against NOK7.89 billion in 4Q 2008.


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