FX.co ★ Telenor Q3 Profit Rises; Organic Growth In Service Revenues At 2.1%

Telenor (Ticker: TELNY.PK, TELN) announced an increase in its third-quarter net income attributable to equity holders, rising to 3.3 billion Norwegian Kroner from 2.5 billion Kroner in the previous year. The earnings per share from continuing operations reached 2.28 kroner, up from 1.82 kroner. EBITDA, excluding other income and expenses, was 9.21 billion kroner compared to 9.25 billion kroner the year prior. The company experienced an organic growth rate of 1.8% in EBITDA before accounting for other items during the quarter.

Third-quarter revenues stood at 20.04 billion Norwegian Kroner, slightly down from 20.11 billion Norwegian Kroner in the same period last year. Service revenues climbed to 16.2 billion Kroner, marking a 2.3% increase, with organic growth in service revenues at 2.1%.

Looking ahead to 2024, Telenor projects organic EBITDA growth, excluding other items, to be in the range of 3-4%, adjusting from the previous forecast of mid-single-digit growth.