Telenor hikes outlook on booming Asian demand
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OSLO (AFP) - Norwegian telecommunications group Telenor raised its 2010 financial targets on Wednesday thanks to solid performances in Asia and despite third-quarter results that were just below expectations.
The group this year now foresees a 5.0-percent rise in sales rather than the previously forecast 3.0-5.0 percent gain.
It also predicted an operating margin of between 30 and 31 percent, up from a previously forecast 28 percent.
Telenor said net earnings in the third quarter fell to 1.8 billion kroner (143.9 million euros, 199 million dollars) from 3.8 billion a year earlier, reflecting higher tax payments and costs associated with developing its presence on the Indian market.
Sales rose 5.8 percent to 24.1 billion kroner.
Analysts polled by Dow Jones Newswires had foreseen net profit of 2.1 billion kroner and sales of 24.3 billion.
Telenor in the third quarter acquired seven million new subscribers, including 4.00 million for Uninor, its Indian subsidiary, which now has 7.9 million clients.
