Telenor Q3 gets surprise boost from one-off gain in Pakistan

Telenor logo is seen displayed in this illustration taken, on May 3, 2022. (REUTERS)
Short Url
Updated 26 October 2022
Follow

Telenor Q3 gets surprise boost from one-off gain in Pakistan

  • Norwegian telecoms operator last month issued a profit warning for 2022 citing spiralling energy costs
  • Company last month also announced restructuring of its Nordic business and a potential listing of its Asian unit

OSLO: Norwegian telecoms operator Telenor on Wednesday reported third-quarter core earnings above forecasts thanks to a one-off gain in Pakistan and reiterated that its full-year profit was expected to be in line with last year.

Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) for July-September rose 1.6 percent year-on-year to 13.06 billion Norwegian crowns ($1.26 billion), while analysts on average had expected 12.51 billion crowns.

The operator, which has around 175 million customers in eight countries across the Nordic region and Asia, last month

issued a profit warning for 2022 citing spiralling energy costs.

“For the Group, high energy prices, especially in Norway, Denmark and Pakistan, continue to be a headwind,” Chief Executive Sigve Brekke said in a statement on Wednesday.

“However, the negative effects are, this quarter, countered by a reversal of sim tax provision in Pakistan.”

The company last month also announced a restructuring of its Nordic business and a potential listing of its Asian unit.


Pakistan PM calls for faster CPEC implementation, pledges security for Chinese workers

Updated 27 February 2026
Follow

Pakistan PM calls for faster CPEC implementation, pledges security for Chinese workers

  • Shehbaz Sharif pushes expanded cooperation in agriculture, IT and mining under CPEC phase two
  • Chinese envoy reaffirms Beijing’s support for Pakistan’s sovereignty and economic development

ISLAMABAD: Prime Minister Shehbaz Sharif on Friday called for speeding up projects under the China-Pakistan Economic Corridor (CPEC) and pledged stronger security guarantees for Chinese workers and investments, during a meeting with China’s ambassador in Islamabad.

Sharif made the remarks as the two countries strive to launch the second phase of CPEC, a multibillion-dollar infrastructure and energy initiative launched in 2015 as part of China’s Belt and Road Initiative (BRI).

CPEC’s first phase focused largely on power generation and transport infrastructure aimed at easing Pakistan’s chronic energy shortages and improving connectivity. The second phase seeks to expand cooperation into industrial development, with an emphasis on special economic zones and export-oriented growth.

“While highlighting the importance of accelerating ongoing CPEC projects, the Prime Minister stressed on the need to enhance cooperation in agriculture and IT and mining & minerals,” said a statement circulated by the PM Office after the meeting.

“He also underscored Pakistan’s resolve to provide a secure and conducive environment for Chinese personnel, investments, and institutions in Pakistan,” it added.

Chinese nationals and projects in Pakistan have faced security threats in the past, including attacks by militant groups targeting infrastructure sites and convoys. Islamabad has repeatedly vowed to tighten security and has deployed special protection units for Chinese workers.

China is Pakistan’s closest ally in the region and a key economic partner, with CPEC widely regarded by Islamabad as central to long-term economic growth.

During the meeting, the prime minister conveyed greetings to Chinese President Xi Jinping and Premier Li Qiang, particularly on the occasion of the Chinese New Year.

China’s Ambassador to Pakistan, Jiang Zaidong, reiterated Beijing’s support for Pakistan’s sovereignty and socioeconomic development, according to the statement. Both sides also exchanged views on regional and international issues and agreed to maintain close coordination.