Norwegian telecommunications provider Telenor is looking to boost its presence in Asia as the economic turbulence in Europe continues.
Telenor spokesman Tor Odland confirmed the company hoped its Asian subsidiaries, which provided about a third of…
Norwegian telecommunications provider Telenor is looking to boost its presence in Asia as the economic turbulence in Europe continues.
Telenor spokesman Tor Odland confirmed the company hoped its Asian subsidiaries, which provided about a third of its revenue in the third quarter of 2011, will “continue to contribute on an increasing level”.
“We’re looking to grow our existing opportunities in Asia and, as always, keeping our eyes open in new markets,” he said.
Odland echoed CEO Jon Fredrik Baksaas’ recent comment to Reuters that the company is confident the relatively stable Nordic and strong Asian economies will help it sustain growth throughout the economic turmoil in Europe.
“Our strategy has been to move into [Asia] early,” Odland said. “But we’re still in both markets for the long-term. We’re fully focused on each.”
Baksaas previously told Reuters companies are increasingly turning to “beautiful” Asian markets as growth in Europe is hampered by large government debts.
Telenor’s subsidiaries in Thailand, Malaysia and Bangladesh helped the company to record-high cash flow and earnings in the third quarter of 2011 which exceeded forecasts.
While Telenor’s Indian joint venture Uninor has struggled, Baksaas told Reuters it is en route to breaking even in the first half of 2013 as forecast and that subscription growth has been impressive.
However, he echoed Bakaas’ frustration with the Indian regulators for failing to respond to the company’s demands for more spectrum.
