Norway’s Telenor Serbian Unit Turns to 9-mo Operating Profit

BELGRADE (Serbia), October 27 (SeeNews) – Norwegian telecommunications group Telenor said on Wednesday its Serbian unit turned to an operating profit of 293 million Norwegian crowns ($50.5 million/36.2 million euro) through September from an operating loss of 1.55 billion in the same period a year earlier. 

In the third quarter alone, the operating profit of Telenor Srbija rose to 165 million crowns from 153 million crowns a year earlier, Telenor said in its January-September interim report.

The Serbian company’s revenues decreased to 1.94 billion crowns through September from 2.22 billion crowns a year earlier while its EBITDA (earnings before interest, tax, depreciation and amortisation) fell 17% to 768 million crowns.

The number of subscriptions increased by 102,000 due to campaigns in the prepaid and contract segment, as well as churn prevention activities, Telenor said. The subscription market share increased to more than 35%.

Serbia has issued Telenor a permit to operate the country's second landline system alongside incumbent telco Telekom Srbija.

Telenor’s competitors on the Serbian market of some 7.5 million people are state-owned Telekom Srbija's wireless unit, MTS, and VIP mobile, a unit of Telekom Austria.

Telenor is present in 13 countries. Across Southeast Europe is also operates in Montenegro.

(1 euro=8.1001 Norwegian crowns)

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