Telenor was pushed into the red in the fourth quarter of 2011 by a revaluation of its Indian business, in light of the government’s decision to withdraw its operating licence.

According to the company, an impairment loss of NOK4.1 billion (US$712 million) has been recognised related to Uninor, leaving it with an exposure of NOK2.4 billion to this business. In a statement, Jon Fredrik Baksaas, president and CEO of Telenor, said that the company is “working to protect our investments in all possible manners, and will consider every option prior to any further investments.”

For the fourth quarter, the group reported a net loss of NOK1.9 billion, compared to a prior-year profit of NOK2.1 billion, on revenue of NOK25.4 billion, up 2.3 percent from NOK24.9 billion.

For the full year, Telenor saw a profit of NOK7.9 billion, compared with a prior-year profit of NOK14.3 billion, on revenue of NOK98.5 billion, up from NOK94.8 billion.

While Baksaas said that “we support VimpelCom in execution of its strategy for improved operational excellence, profitable growth and capital efficiency,” it was noted that the company is continuing with arbitration proceedings related to this company’s combination with Wind Telecom. It anticipates a decision will be reached in the first half of 2012.

Looking forward, the company said it expects organic revenue growth of above 5 percent, with EBITDA before other income and expenses in the 32 percent to 33 percent range — compared with 31.0 percent for 2011.