Telenor reported second-quarter revenues of NOK 24.359 billion, up from NOK 23.550 billion a year earlier. On an organic basis, revenues improved 7 percent from a year ago, helped by the addition of nearly 8 million new mobile customers in the quarter. Adjusted EBITDA rose to NOK 7.457 billion from NOK 7.066 billion, driven by improvements in Asia, and the margin increased to 30.6 percent from 29.7 a year ago. Net profit halved to NOK 4.492 billion from NOK 9.494 billion, hurt by lower results from associates and an impairment charge of NOK 538 million on the Canal+ business. Telenor maintained its full-year outlook for organic revenue growth above 5 percent, an adjusted EBITDA margin of around 31 percent, and capex at 11-12 percent of revenues. The company also said it expects cash flow slightly stronger than previously indicated. In the first half, the operator spent NOK 5.324 billion on capital equipment, slightly below last year's total, while operating cash flow rose by almost NOK 1 billion to NOK 9.735 billion. Telenor said it's starting a new share buyback programme to repurchase 3 percent of its outstanding shares.
