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Telenor Serbia recorded an increase of 18.2% in revenues first quarter

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Telenor in Serbia recorded revenues of RSD8.727 billion in the first quarter of 2011, an increase of 18.2% compared to the same period in 2010. The number of subscriptions of Telenor in Serbia, which operates within the Norwegian Telenor Group, rose by 52,000 to 3.059.000. Telenor’s subscriber market share in Serbia is now over 35%. “As a result of reduced operating costs combined with higher revenues, Q1 year over year EBITDA increased by 32% in nominal terms and from 38% to 42% calculated as a per cent of revenues. Capital expenditure increased significantly following the ongoing network renovation,“ says Gabor Kocsis, Chief Financial Officer of Telenor d.o.o .

Out of all 12 countries of the Telenor Group, excluding the newly started venture in India, Telenor in Serbia achieved the second highest growth this quarter, after Bangladesh.

At the global level, Telenor reported revenues of NOK24.1 billion, representing an organic revenue growth of 7%. EBITDA before other items was NOK 7.4 billion. Telenor’s consolidated mobile operations added nine million subscriptions during the quarter and now stand at 212 million.

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