Telenor warns on 2022 profit due energy prices
Hit by soaring inflation and intense competition in many markets, the telecom operator's share price is down 27% year-to-date, closing on Monday at a 10-year low.
FILE PHOTO: Telenor logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration
OSLO: Norway's Telenor warned on Tuesday that soaring energy prices had made it increasingly difficult to reach the company's target of unchanged earnings before interest, tax, depreciation and amortisation (EBITDA) in 2022 versus 2021.
The company in a strategy update announced a new structure with closer cooperation among its Nordic businesses and the potential for an initial public offering of its Asian holding company.
Telenor, which has 175 million customers in eight countries across the Nordic region and Asia, in recent years sought to cut costs and boost its cash flow to make room for higher dividends and 5G investments.
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