Telenor’s net income and revenue slipped in Q3 as ongoing Covid-19 (coronavirus) impacts in its Asian markets offset a stronger performance in the Nordics.
Revenue of NOK27.4 billion ($3.2 billion) was down from NOK28.4 billion in Q3 2020, while net income dropped from NOK4.5 billion to NOK2.6 billion.
In a statament, Telenor highlighted a solid performance in the Nordics, with demand for value added services in Norway driving a 3 per cent rise in mobile ARPU, and 5G fuelling a 4 per cent rise in subscription and traffic revenue in Finland and Norway.
Other positives included a 1.8 million increase in the group’s overall subscriber base to 172 million.
Telenor maintained its full-year outlook as CEO Sigve Brekke hailed progress with its strategic ambitions including modernisation and digitalisation initiatives.
Telenor generates half of its overall revenue in Asia, making the ongoing Covid-19 woes a major issue.
It noted early signs of gradual recovery from the impact, but explained Q3 was hit by lockdowns in Thailand and Bangladesh.
The situation in Malaysia was beginning to ease.
Telenor predicted low-levels of international travel and the associated hit to roaming revenue “will likely remain until restrictions are eased and mass-vaccination has gained traction”.
“The duration and modality of restrictions, and the timing of economic recovery in Asia remains uncertain.”
It did not include its Myanmar operation in the Q3 figures.Subscribe to our daily newsletter Back