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REFILE-Norway's Telenor beats forecasts in Q3, sees further cost cuts
October 25, 2017 / 5:18 AM / in a month

REFILE-Norway's Telenor beats forecasts in Q3, sees further cost cuts

(Corrects to Wednesday in first paragraph)

OSLO, Oct 25 (Reuters) - Norwegian telecoms firm Telenor posted third-quarter earnings above forecast on Wednesday and maintained its full-year outlook for revenue growth, earnings margins and capital expenditure.

“So far this year, our team has achieved cost savings of 1 billion Norwegian crowns, implying that our target for 2017 has already been met and further efficiency gains should be expected going forward,” Chief Executive Sigve Brekke said.

Norway’s second largest company, which serves 174 million customers in 12 countries across Europe and Asia, has seen its shares rise 28 percent in 2017 after promising to boost earnings, raise its dividend and buy back shares.

The company posted a July-Sept profit before interest, tax, depreciation, amortisation and other items (adjusted EBITDA) of 13 billion Norwegian crowns ($1.62 billion), while analysts in a Reuters poll on average had expected a profit of 12.5 billion. ($1 = 8.0067 Norwegian crowns) (Reporting by Terje Solsvik, editing by Camilla Knudsen)

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