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Telenor Q2 core profit slips, cuts revenue target

Norwegian Telenor reported a surprise fall in second-quarter core earnings, against analyst expectations for a rise, and the telecoms group cut its 2008 revenue growth forecasts.

Earnings before interest, tax, depreciation and amortization (EBITDA) amounted to 7.21 billion Norwegian crowns ($1.43 billion) in April-June from 7.32 billion in the year-ago period.

The result missed an average forecast of 7.5 billion crowns in a Reuters poll of 16 analysts, whose predictions had ranged from 7.31 billion to 7.64 billion crowns.

Telenor, worth $30 billion, revised down its 2008 financial target for revenue growth to around 3% from 5%. It maintained its 2008 EBITDA margin at above 31% and capital expenditure at 20% of revenues. (Reuters)