Telenor Group credited increased revenue from mobile services and security products for driving growth in the Nordic region during Q2, though cited a continued challenging operating environment for its divisions in Asia.
In its financial report, Telenor highlighted service revenue increases for its mobile divisions in Europe, which were supported by price changes. It also pointed to growing subscriber numbers in Sweden and Finland.
CEO Sigve Brekke said the company was “seeing firm operational momentum”, adding “quality connectivity for customers and attractive security offerings continue to drive growth”.
He added Telenor continued to “focus on progress in modernisation and efficiency initiatives that will drive improved cash flow generation over time”.
Brekke noted its interests in Asia performed solidly in “a challenging operating environment”, pointing to strong cost management and data revenue growth.
However, Telenor cited a continued tough market in Pakistan, given the high level of inflation in the country.
Net profit was NOK821 million ($82.6 million), up from a loss of NOK1.1 billion in Q2 2022, though the latter was heavily impacted by an impairment related to its business in Pakistan.
Service revenue was up 5 per cent to NOK15.8 billion in the recent quarter.