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TeliaSonera Q2 profits rise as expected

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TeliaSonera Q2 profits rise as expected
Photo: Henrik Trygg/Image Bank Sweden (file)
13:41 CEST+02:00
TeliaSonera reported on Tuesday that profit rose in the second quarter near expectations, adding that earnings in the second half of the year would be similar to the first half.

"Growth in net sales in local currencies and excluding acquisitions for 2010 is expected to be in line with the first half of 2010" when it reached 3 percent, the company said in a statement.

The Swedish-Finnish group, the largest telephone company and mobile network operator in those two countries, had previously said it expected a small increase in growth.

Between April and June, the group's net profit was 5.24 billion kronor ($712 million), compared with 4.47 billion kronor last year. Sales dropped 2 percent to 26.96 billion kronor compared with 27.42 billion kronor.

Analysts surveyed by Dow Jones Newswires had expected the profit figure but planned for slightly weeker sales, at 26.77 billion kronor.

The company also has operations in the other Nordic countries, Turkey, Russia and in ex-Soviet states in Europe and Central Asia.

Nordea bank analyst Stefan Gauffin told Dow Jones the results met expectations and that the group's developing markets in Russia, Turkey and

Asia showed healthy sales.

In mid-morning trading on the Stockholm Stock Exchange, TeliaSonera shares

were down 2.36 percent to 51.75 kronor on a market down 1.08 percent.

The company's main Nordic rivals, Norway's Telenor and Sweden's Tele2, will publish their earnings reports on Wednesday.

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