Telenor looking good

Profits soar and revenues grow...

Norwegian telco Telenor saw its second quarter pretax profits double due to increased sales and a gain from selling shares in Esat Digifone - Ireland's number two mobile company - to BT. The company reported pretax profit ending 30 June, up 90 per cent to NOK1.4bn (£109.3m) and revenue up 11 per cent at NOK10.1bn (£788.6m). However, Telenor reported a net loss at NOK1.6bn (£124.9m) from a net profit of NOK277m (£21.6m). The company is using the proceeds from selling its shares in Esat and Viag Interkom to gain control of mobile phone companies in emerging markets. It will boost sales outside Norway where growth is lessening and competition with Sweden's Telia is increasing.