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Telenor posts 7 percent revenue growth in 1Q

Telenor posts 7 percent revenue growth in 1Q

May 4th, 2011 in News

OSLO, Norway (AP) - Nordic telecom operator Telenor Group says first quarter revenue increased 7 percent compared with the same period last year thanks to strong growth in its subscriber base, particularly in Asia.

Telenor says revenue for the quarter amounted to 24.1 billion kroner ($4.5 billion), while earnings before interest, taxes, depreciation and amortization increased nearly 3 percent to 7.3 billion kroner ($1.4 billion).

CEO Jon Fredrik Baksaas said in a statement Wednesday that the group added 9 million subscribers in the first three months of year, with 5.2 million of them in India.

Telenor says it is maintaining its outlook for 2011 based on the first quarter data.