Telecom Operator Telia Core Profit Tops Forecast

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October 21, 2020

STOCKHOLM: Nordic telecom operator Telia Company on Wednesday reported quarterly core earnings ahead of market expectations aided by cost savings and said it had made good progress on its strategic priorities in recent months.

Investors are hoping Telia’s new CEO, Allison Kirkby, a former CEO at rival Tele2, can revive fortunes at the partially state-owned operator.

Kirkby has been busy since taking the helm in May and earlier in October Telia reinstated its full dividend after announcing a surprise deal to sell its international carrier business for 9.45 billion Swedish crowns.

Third-quarter adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) at Telia was 8.21 billion Swedish crowns ($941.89 million) compared with 8.23 billion crowns a year earlier, ahead of the 7.81 crown billion mean analyst forecast in a Refinitiv poll.

“Our third quarter results were encouraging,” CEO Allison Kirkby. “Since our last interim report, we have made good progress on the strategic priorities identified upon my arrival at Telia just over five months ago.”

Telia said it expected its operational free cash flow for the full year to land in the upper end of the previously communicated 9.5-10.5 billion crowns range.

It also said it expected a sequentially lower impact from the COVID-19 pandemic to result in an adjusted EBITDA of around 30.5 billion crowns for the full year.

($1 = 8.7165 Swedish crowns)

Telecom Operator Telia Core Profit Tops Forecast

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