Profit Boost for TeliaSonera
Sweden's TeliaSonera, the Nordic region's largest telecoms operator, bucked the tough economic climate by reporting a higher than expected third-quarter profit on Wednesday.
TeliaSonera said net profit in the July-September period increased to around 5 billion kronor ($723 million) from about 4.8 billion kronor a year earlier, a rise which surprised analyists who'd predicted a smaller profit margin.
The company attributed the results to reduced capital expenditure and other cost cutting measures.
"I see this as an achievement given that the telecom sector is pressured by lower economic activity, regulatory intervention and reduced roaming due to decreased business travel," Telia Chief Executive Lars Nyberg said in a statement.
"It looks extremely strong," HQ Bank analyst Stefan Billing said. He said the company had done better than expected in Broadband, mobile and loss-making Spanish unit Yoigo.
Shares in TeliaSonera were up 1.9 percent early on Wednesday.