Norway - Telenor retains Q4 2003 margin forecast
Telenor (Norway), incumbent telecoms operator, has retained its forecast that its margins will rise slightly in
4th-qtr 2003 year-on-year. Its margin on EBITDA was around 32% in 4th-qtr 2002 and 37% in 3rd-qtr 2003. It will rise
from 4th-qtr 2002, but will be lower than the 3rd-qtr 2003 level. Telenor is also considering higher dividend payments,
and sees the strongest growth potential for its international mobile business in Russia, Thailand and Bangladesh.
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