Norway-based telecom firm Telenor reported a net loss of about Rs530 crore for the quarter ended March, after writing off Rs3,560 crore in India, where it lost all the licenses, thus now all its investment in Indian operations is totally written off.
The firm, which has a 67% stake in its Indian joint venture Uninor, had to report loss despite a revenue growth of 4% compared with the year-ago period. The company's sales rose to Rs22,817 crore during the first quarter of the year.
The company said its Indian arm contributed 2.3% of the 8% sequential organic revenue growth of the entire group. Uninor's sales rose to 922 crore from 500 crore in January-March 2011. However, Uninor's operating loss increased three-fold compared with the previous year.
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The firm, which has a 67% stake in its Indian joint venture Uninor, had to report loss despite a revenue growth of 4% compared with the year-ago period. The company's sales rose to Rs22,817 crore during the first quarter of the year.
The company said its Indian arm contributed 2.3% of the 8% sequential organic revenue growth of the entire group. Uninor's sales rose to 922 crore from 500 crore in January-March 2011. However, Uninor's operating loss increased three-fold compared with the previous year.
....more info