Telenor Sees Rise In Revenues In First Half

The Bulgarian unit of Norwegian telecommunications group Telenor said on Tuesday, its earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to 130 million levs ($78 million/66.5 million euro) in the first half of the year, from 124 million levs in the like period of 2017. Telenor Bulgaria’s revenue increased to 343 million levs in January-June from 322 million levs in the corresponding period of last year, the company said in an interim financial statement. In March, Telenor said it has agreed to sell its Central and Eastern European assets to Czech-based investment group PPF for 2.8 billion euro ($3.3 million) on an enterprise value basis.

The deal includes Telenor’s wholly-owned mobile operations in Hungary, Bulgaria, Montenegro and Serbia and the technology service provider Telenor Common Operation. The transaction has not yet been completed. Telenor Bulgaria’s subscription and traffic revenue grew to 243 million levs in the first six months of 2018 from 237 million levs in the same period of 2017. The company’s non-mobile revenue increased to 66 million levs in the review period from 56 million levs last year.

Telenor Bulgaria’s operating profit rose to 72 million levs in the first half of 2018 from 59 million levs in the prior-year period. The company’s mobile subscribers decreased to 3.1 million at end-June from 3.2 million a year earlier. Capital expenditure increased to 19 million levs from 17 million levs in the first half of last year. Telenor bought Bulgarian mobile operator Globul from Greece’s OTE for 717 million euro in 2013.

In November 2014, Globul was rebranded to Telenor Bulgaria. On the Bulgarian mobile segment, Telenor competes with Mtel, the local unit of Telekom Austria, Bulgarian telecommunications group BTC, which operates under the brand name Vivacom, as well as with 4G operator Max.

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