Sweden's news in English

Editions:  Europe · Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland

TeliaSonera earnings hit by strong krona

Share this article

TeliaSonera earnings hit by strong krona
14:43 CEST+02:00
Swedish-Finnish telecoms firm TeliaSonera's reported earnings on Wednesday below analyst expectations on the back of a strong Swedish currency and problems in its Turkish operations.

The Swedish-Finnish firm nevertheless maintained its outlook for the year.

For the April to June period, TeliaSonera's net profit was 3.38 billion kronor ($524 million) against 4.26 billion kronor expected by analysts polled by Dow Jones Newswires.

Sales fell 4.0 percent, to 25.89 billion kronor, the company said in its earnings report.

The company was penalised by the strong Swedish krona, with sales going up with the exchange rate effects excluded.

TeliaSonera's earnings were also dragged down by the poor performance of its Turkish branch Turkcell, whose profits fell 99 percent.

The company however said it was maintaining its forecast of a 3.0 percent

raise of its sales, excluding exchange rate effects, noting this could be affected by the krona's fluctuation.

TeliaSonera has about 159.4 million direct and indirect clients at the en of June, and is a globe leader thanks to its stakes in Turkcell and Russia's Megafon.

Similarly to its Nordic competitors Telenor of Norway and Sweden's Tele2, it has centered its development strategy on the Baltic countries, Russia, Turkey and the former Soviet republics.

 
Get notified about breaking news on The Local

Share this article

The Local is not responsible for content posted by users.
Become a Member or sign-in to leave a comment.

From our sponsors

New Malmö museum will focus on ‘democracy and migration'

Change starts with one small step, whether it be a large or small scale project, it all requires movement. It's a logic that can be applied to starting a new national museum from scratch, especially one with an innovative theme that is going to take several years to come to fruition.