Telenor said its revenue rose four percent to NOK 19.187 billion powered by three percent increase in its service revenues of NOK 14.9 billion in Q1 2023.
Reported Opex increased by NOK 0.3 billion.
Net income of Telenor was NOK 18.1 billion for the quarter. A gain of NOK 18.5 billion was recognised upon closure of the merger between dtac and True Corporation in Thailand on 1 March 2023. Telenor completed the merger between Digi and Celcom in Malaysia on 30 November 2022.
“Telenor supports the rapid digitalisation of the Nordic societies through investing in 5G networks and services. We will continue with our Nordic modernisation agenda to drive profitable growth, Sigve Brekke, President and CEO of Telenor Group, said in its earnings report.
Telenor’s Capex increased to NOK 3.535 billion in Q1 2023 as compared with NOK 2.916 billion in Q1 2022.
Telenor’s Capex excluding lease (previously called Capex excluding licenses and spectrum) was NOK 3.5 billion despite a NOK 0.5 billion reduction in Capex due to a contract settlement with a vendor. The Capex excl. lease of NOK 3.5 billion corresponds to a Capex to sales ratio of 18.4 percent. The Capex was driven by 5G roll-out in the Nordics, fiber investments in Norway, and network investments in Bangladesh.
Telenor’s Capex for Norway, Sweden, Denmark and Finland have touched NOK 2.536 billion during the first quarter.
The main focus of Telenor’s Capex for Norway, Sweden, Denmark and Finland was on mobile network modernisation and 5G rollout. Capital intensity was 18.8 percent, despite a NOK 0.3 billion reduction in Capex related to an adjustment of a supplier contract.
Telenor Asia’s capital spending for Bangladesh and Pakistan touched NOK 770 million.