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OSLO, May 4 (Reuters) – Norways Telenor said on Tuesday it had written off the value of its Myanmar operation amid the deteriorating security and human rights situation in the country, plunging the group into a first-time loss. trimester.
Telenors’ mobile operation in the Asian country, where it has operated since 2014, remains strictly limited following the military seizure of power in a February 1 coup.
Telenor serves 187 million customers in nine countries in Europe and Asia, including 18.2 million in Myanmar.
We see an irregular, uncertain and deeply worrying situation, Sigve Brekke, Managing Director of Telenor, said in a statement commenting on Myanmar.
Due to the deteriorating outlook for the economic and business environment and the deteriorating security and human rights situation, we see limited prospects for improvement in the future, he said. he declares.
On this basis, Telenor fully depreciated Telenor Myanmar in its first quarter accounts, recording a loss of NOK 6.5 billion ($ 783 million) and removing the transaction from its overall business outlook for 2021.
As a result of the depreciation, Telenor Group net profit plunged to a loss of NOK 3.9 billion in the first quarter compared to a profit of NOK 698 million a year ago.
Telenors’ adjusted profit before interest, taxes, depreciation and amortization (EBITDA) for January-March fell 8% year-on-year to 13 billion kroner, while analysts in a poll on average expected 13.1 billion crowns.
For the remainder of its operations, Telenor reiterated its forecast for a full year of organic revenue and profit that would remain unchanged year-over-year from 2020, and reiterated that capital expenditure would amount to between 15 % and 16% of sales. ($ 1 = 8.3020 Norwegian crowns) (Reporting by Victoria Klesty, editing by Terje Solsvik and Kim Coghill)
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