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Beleaguered TeliaSonera announces profit tumble

AFP · 30 Jan 2014, 15:42

Published: 30 Jan 2014 15:42 GMT+01:00

The group's annual net profit fell by 25 percent to 14.97 billion kronor (1.69 billion euros, $2.3 billion), while revenue dropped by three percent to 26.5 billion kronor.

Johan Dennelind, TeliaSonera's chief executive since last September, said in a statement that 2013 was "an eventful and challenging year" for the company and the telecoms industry.Dennelind said that one of his main tasks had been to define a new country-based operating model to be implemented in April this year "to reduce overall complexity within the group, enhance customer focus and clarify general accountability".

Last November, TeliaSonera dismissed four top executives for possible links to an alleged corruption case during the group's expansion in Uzbekistan.

In 2014, the company expects net sales in local currencies, excluding acquisitions and disposals, to stay at similar levels of last year. In the fourth quarter, net profit fell by 68 percent to 2.19 billion kronor, while revenue decreased by two percent to 26.5 billion kronor.

In October 2012, TeliaSonera announced a cost-cutting programme including 2,000 lay-offs intended to save up to two billion kronor by the end of 2014.

Story continues below…

"The accumulated savings amounted to approximately one billion kronor at the end of 2013," the company said in the statement.

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