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Norway’s Telenor warns on second quarter profit after error at Grameenphone

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FILE PHOTO: Telenor flag flutters next to the company’s headquarters in Fornebu, Norway, June 1, 2017. REUTERS/Ints Kalnins/File Photo

OSLO (Reuters) – Norwegian telecoms group Telenor said its second-quarter earnings would take a hit from “errors” discovered at Grameenphone, its Bangladeshi telecoms division.

“Grameenphone has discovered some errors related to regular commission payments for prior years. Due to the materiality of this effect, Grameenphone has chosen to restate their historical financials,” Telenor said in a statement late on Friday.

For Telenor, this would mean taking a one-off loss in the second quarter of 2019, with its expectations for earnings before interest, tax, debt and amortization (EBITDA) lowered by 299 million crowns ($35.05 million).

Net profit guidance would be lowered by 622 million crowns ($72.91 million) in the quarter, Telenor added.

Telenor will publish its second-quarter results on Tuesday.

Reporting by Gwladys Fouche; Editing by Jan Harvey

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via Reuters