Telenor Q1 profit misses forecast as costs rise

Published by
Reuters UK

OSLO (Reuters) – Norway’s Telenor posted on Tuesday weaker-than-expected first-quarter profits and said growth in earnings was expected to lag revenue development by a few quarters as costs rose. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for January-March fell 4.5% year-on-year to 11.66 billion Norwegian crowns ($1.24 billion), while analysts in a poll on average had expected 12 billion. “Growth was held back by the Norwegian fixed line business and intensified competition in Thailand,” Chief Executive Officer Sigve Brekke said in a statement, adding that h…