Lower profits for TeliaSonera
Leaner times for telecoms around the world is reflected in the nordic region. Nordic telecoms group TeliaSonera has reported lower-than-expected fourth-quarter earnings on Friday
TeliaSonera, in which the Swedish state has a 44 percent stake, reported earnings before interest, tax, depreciation and amortisation (EBITDA), of $918.6 million US dollars for the fourth quarter 2005
The company put the poorer performance down to tough competition in its home markets - sales and earnings at its Swedish and Finnish operations fell in the quarter and the year. The home market divisions account for around half of its total revenues.
Telia Sonera shares slid downward on the news.
Earnings growth for the company came in Norway, new markets in central Asia and the Caucasus and from its investments in companies Russia and Turkey.