Telenor warns on 2022 profit due energy prices – Reuters

Telenor warns on 2022 profit due energy prices – Reuters

Telenor logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration
OSLO, Sept 20 (Reuters) – Norway's Telenor (TEL.OL) warned on Tuesday that soaring energy prices had made it increasingly difficult to reach the company's target of unchanged earnings before interest, tax, depreciation and amortisation (EBITDA) in 2022 versus 2021.
Hit by soaring inflation and intense competition in many markets, the telecom operator's share price is down 27% year-to-date, closing on Monday at a 10-year low.
The company in a strategy update announced a new structure with closer cooperation among its Nordic businesses and the potential for an initial public offering of its Asian holding company.
Telenor, which has 175 million customers in eight countries across the Nordic region and Asia, in recent years sought to cut costs and boost its cash flow to make room for higher dividends and 5G investments.
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Protests broke out in western Iran on Saturday at the funeral of a young woman who died after being detained by morality police enforcing strict hijab rules, and security forces used tear gas to disperse demonstrators.
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