Norway’s Telenor Q2 beat forecasts, eyes control on costs

Norwegian telecoms operator Telenor on Tuesday reported second-quarter earnings slightly above forecasts and reiterated its outlook,though it will try to bring rising costs under control in the second half of the year.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for April-June rose 1.2% year-on-year to 12.5 billion crowns ($1.24 billion), while analysts in a poll compiled by the company on average had expected 12.0 billion crowns.

The company said it was seeing uncertainty related to high inflation and high energy prices.

“In the second quarter, we have implemented initiatives, both on revenue and EBITDA, which are expected to contribute to performance in the second half of the year,” it said in a statement.

The Telenor group, which has 175 million subscribers, gets about half its revenue from Asia and the rest from the Nordic region. Reuters