Telenor reports modest rise in Q1 performance year-on-year

Telenor has posted a very slight rise in its first quarter profits as the company’s revenues also rose by a modest amount.

The company said that revenues for the quarter came in slightly higher in at NOK26.5 billion (US$4.48 billion), while profits were NOK 3.67 billion.

"We added six million new mobile subscribers in the first quarter of 2014, the company’s best customer surge in two years. This growth was mainly driven by India, Pakistan and Bangladesh. The underlying mobile service revenue growth improved to five per cent in the quarter,” said Jon Fredrik Baksaas, president and CEO of Telenor Group.

The company is maintaining its financial outlook for the year, excluding Myanmar, of low single-digit organic revenue growth, a stable EBITDA margin and a capex to sales ratio of around 16 per cent.