Telenor posts Q1 loss after writing off Myanmar business following coup

By Channel NewsAsia10 days ago

OSLO: Norway's Telenor wrote off the value of its Myanmar operation in light of the country's deteriorating security and human rights situation, plunging the group into a first-quarter loss and sending its shares lower on Tuesday (May 4).

While it will continue to operate in Myanmar, Telenor's mobile business in the Asian country, where it has had a presence since 2014, remains severely restricted following the military's seizing of power in a Feb1 coup.

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The new regime imposed network restrictions for all operators, and on Mar15 ordered a nationwide shutdown of mobile data that has since cut Telenor's subscription and traffic revenues in the country in half, the company said.

However, it still added some 2 million users in Myanmar during the quarter as call volumes rose, increasing its local customer base to 18.2 million.

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