Norway's Telenor Profits Decline on Slightly Improved Revenues
Published on: 12th Feb 2014
By: Ian Mansfield
Norway's Telenor has reported its fourth quarter financial results with record EBITDA on a modest rise in revenues.
Quarterly revenues came in at NOK27.6 billion (US$4.5 billion), compared to NOK26 billion a year ago, although net profit fell to NOK2.43 billion (US$397 million) from NOK2.5 billion a year earlier.
EBITDA before other items was NOK 8.99 billion, the EBITDA margin was 32.6%, and operating cash flow was NOK 4.42 billion.
"During 2013, Telenor Group increased or maintained its market share in key markets." said Jon Fredrik Baksaas, President and CEO of Telenor Group.
"During the year, we added 17 million subscribers, of which 5 million alone in the final three months. This growth was mainly driven by India, Pakistan and Bangladesh. These countries still represent a significant potential for further growth," said Baksaas.
The company ended the year with 166 million mobile subscribers.
The financial outlook for 2014, excluding the start-up operation in Myanmar, is low single digit organic revenue growth, a stable EBITDA margin and a capex to sales ratio of around 16 percent.
The company ended the year with net debt of NOK39.4 billion (USD$6.4 billion).
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