Telenor reported second-quarter revenues of NOK 25.357 billion, up by around NOK 1 billion from a year earlier and 5 percent higher on an organic basis, excluding currency effects. Adjusted EBITDA rose to NOK 8.041 billion from NOK 7.457 billion, and the margin improved to 31.7 percent from 30.6. Net profit fell to NOK 2.065 billion from NOK 4.492 billion, due to lower profits from the stake in Vimpelcom. Telenor maintained its full-year outlook, excluding its Indian venture Uninor, due to the regulatory uncertainty in India. The company said it's scaling back Uninor's operations to focus on the nine most profitable regions. For the rest of the company, organic revenue growth is still expected to exceed 4 percent this year, and the adjusted EBITDA margin reach 35-36 percent. Capital expenditure is forecast at 11-12 percent of revenues, up slightly from an earlier estimate of 10-12 percent. In the first half of 2012, capex rose slightly to NOK 5.392 billion or 10.7 percent revenues, including Uninor, while operating cash flow rose to NOK 10.388 billion from NOK 9.735 billion a year earlier. Telenor said it will start a new share buyback programme shortly, equal to 3 percent of outstanding shares.
