Telenor sees profit drop in Q3 but raises outlook

OSLO: Norwegian telecommunications group Telenor ASA says its net profit dropped 51 per cent in the third quarter due to one-time charges, but sales improved and it raised its full-year outlook.

Net profit was 1.7 billion kroner ($290 million), down from 3.5 billion kroner in the third quarter of last year, due to losses at units in India and Serbia.

Revenues rose 5.5 percent, to 24.1 billion kroner from 22.8 billion kroner.

Telenor lifted its outlook Wednesday, saying it expects organic revenue growth of 5 percent this year.

Investor optimism about Telenor's outlook improved in the beginning of the week, after the company's affiliates in Malaysia and Bangladesh delivered strong results.