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Telenor lowers FY outlook after flat Q1 sales
2013-04-26 09:11:00| Telecompaper Headlines
(Telecompaper) Telenor slightly lowered its sales growth outlook for 2013, after a weak start to the year. First-quarter revenues fell to NOK 24.72 billion from NOK 25.12 billion a year ago, hurt by the reduction in scale at the Indian operations as well as regulatory effects. On an organic basis, revenues were flat, prompting the downgrade in the full-year outlook to 2-4 percent organic growth from an earlier target of 3-5 percent. Telenor still forecasts an EBITDA margin around 34 percent this year, after the Q1 result improved to 34.1 percent from 30.9 a year ago. Total EBITDA increased 8.5 percent to NOK 8.42 billion, driven by improved performance in India, Norway and Thailand. The company's net profit jumped to NOK 3.60 billion from NOK 584 million a year ago, thanks to lower impairment charges and higher results from its stake in Vimpelcom. Telenor increased capex slightly in the quarter in line with its full-year outlook to NOK 2.87 billion, and operating cash flow was also up slightly, to NOK 5.55 billion.