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Telenor Q3 Profit Declines On Lower Revenue

Telenor ASA (TELNY.PK) on Thursday reported net income of NOK 2.642 billion in the third quarter, significantly lower than NOK 4.527 billion in the same quarter a year ago, impacted by the pandemic situation in Asia that dented its revenue.

EBITDA before other income and other expenses was down to NOK 12.856 billion in the quarter, from NOK 13.623 billion last year.

Revenue for the quarter declined to NOK 27.411 billion from NOK 28.408 billion in the year-ago quarter.

The Group said its mobile subscriber base grew by 1.8 million to 172 million at the end of the quarter.

"During the pandemic, we have accelerated the execution of our strategic ambitions, including modernisation and digitalization initiatives. As a result, our operations today are more efficient and resilient than they were at the beginning of the pandemic. Based on the performance so far this year, and on our expectations for the fourth quarter, we maintain our outlook for 2021," said Sigve Brekke, President and CEO, Telenor Group.

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