Telenor has released its financial results for the quarter ended June 30, 2012. It has lowered its losses from Indian operations from 1.2 billion Norwegian krone in the quarter ended June 30, 2011 to 619 million Norwegian krone in the quarter ended June 30, 2012.
For the quarter-ended June 30, 2012 the company?s revenue stands at 1.03 billion Norwegian krone. Telenor Group?s earnings before interest, taxes, depreciation and amortisation, increased from 7.24 billion Norwegian krone in the quarter ended June 30, 2011 to 7.84 billion Norwegian krone for the quarter ended June 30, 2012. The company?s revenue has grown by 4.1 per cent to reach 25.35 billion Norwegian krone in the quarter ended June 30, 2012.
By the end of June 30, 2012, Uninor?s total subscriber base stood at 33.7 million. It added 2.2 million subscribers between April 2012 and June 2012.
Following the cancellation of its licences by the Supreme Court in February 2012, Telenor has been struggling with its operations in the country. The company is facing financial difficulties owing to which it has decided to scale down its operations in four circles including Tamil Nadu, Kerala, Karnataka and Orissa. By scaling down its operations in select few circles, Telenor aims to ensure maximum utilisation of its resources.
The company?s problems have been further compounded after the Enforcement Directorate (ED) has issued show cause notice to Uninor for alleged violation of Foreign Exchange Management Act (FEMA). The issue relates to the late disclosure and clearance sought by Uninor for the second round of investment that it received in October 2010 from Telenor.
Norway-based telecom player Telenor ASA operates in India under the brand name Uninor. Telenor holds about 67 per cent stake in Uninor while 33 per cent stake is held by the India-based real estate player Unitech.
