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- 12 Jan 2012
- Reaction score
Uninor revenue rises, parent firm writes down investment
Uninor's revenue rose during the quarter ended December 2011 on an increased subscriber base while the parent company Telenor wrote down its investment of about $724.5 million (4.2 billion Norwegian Kroner) following the Supreme Court order cancelling the service provider's 22 licences.
"Total revenues in local currency increased by 17% compared to third quarter 2011 contributed by an increased subscriber base," the company said in a statement.
"Revenues improved to NOK 936 million ($162.5 million) as compared to NOK 400 million ($69.4 million) in same quarter in 2010," it added.
Calling the write-down an accounting exercise, Telenor said it has no impact on the running of Uninor's operations which will continue as usual.
Telenor has committed an investment of $3 billion in India, the bulk of which has already been deployed, according to officials at Uninor.
Uninor boasts of about 40 million subscribers across the country.