Telenor reported second-quarter revenues in line with its full-year outlook, with organic sales up 6 percent and a small drop in the EBITDA margin. Total revenues rose to NOK 30.18 billion from NOK 25.66 billion a year earlier, led by the company's expansion in Myanmar and India and solid results in its home market Norway. Adjusted EBITDA increased to NOK 10.57 billion from NOK 9.50 billion, while the EBITDA margin was still down 2 percent points year-on-year to 35 percent.
Telenor increased capital expenditure to NOK 6.59 billion from NOK 3.87 billion a year ago, reaching almost 22 percent of revenues on spending on a new broadcast satellite and network expansion in Asia. As a result operating cash flow fell to NOK 3.98 billion from NOK 5.63 billion. Net profit was still 57 percent higher year-on-year at NOK 3.64 billion thanks to the contribution from its stake in Vimpelcom. For the full year 2015, the operator maintained its outlook for mid-single digit organic revenue growth, an EBITDA margin of 34-36 percent, and capex at around 17-19 percent of revenues.
