Telenor Backs Fiscal Year Guidance Despite 2Q Headwinds; Swung to 1Q Profit
03 Mai 2022 - 8:28AM
Dow Jones News
By Dominic Chopping
Norwegian telecommunications provider Telenor ASA on Tuesday
cautioned that high costs and competition in Asia will remain into
the second quarter, though full-year earnings are still seen flat
to slightly higher.
The company posted a first-quarter net profit of 6.57 billion
Norwegian kroner ($696.3 million), compared with a net loss of
NOK3.89 billion a year earlier. Earnings last year were weighed by
the NOK6.5 billion impairment of its Myanmar business, and this
year they were boosted by the NOK1.7 billion disposal of Swedish
noncore assets and a NOK2.5 billion reversal of tax.
Earnings before interest, tax, depreciation and
amortization--the company's preferred measure--rose to NOK13.21
billion from NOK12.06 billion, as revenue fell 1.8% to NOK27.72
billion, the company said.
Analysts polled by FactSet had expected Ebitda of NOK12.09
billion and revenue of NOK27.11 billion.
Telenor said the first quarter was weighed on by the
transformation of its fixed-line business in Norway, high energy
prices and tough competition in Thailand, as well as high project
costs. These factors are expected to continue into the next
quarter, it said.
"Actions taken are expected to mitigate negative elements,
particularly in the second half of the year. We expect a gradual
recovery of the Thai market but acknowledge the increased global
uncertainty," the company said.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
May 03, 2022 02:13 ET (06:13 GMT)
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