Telenor saw its EBITDA margin hit a record high of 42.2 percent in the third quarter thanks to growing mobile revenues and opex reductions.

The Norway-based operator improved its EBITDA margin by almost three percentage points compared to Q3 2016, driven by a nine percent increase in EBITDA to NOK12.98 billion.

The profit rise was driven by currency adjusted opex falling by NOK400 million in the quarter on the back of efficiency initiatives.

Revenues ticked up one percent on an organic basis abut fell two percent on a reported basis to NOK30.7 billion.

The operator added 1.9 million mobile subscriptions during the quarter, taking its total customer base to 175.8 million.

Bangladeshi opco Grameenphone brought in 2.3 million mobile subscribers, making it the Group's best performer, and saw sales rise 3.9 percent to NOK3.25 billion as a result.

Hungary was the group’s best performing market from a revenue point of view, with sales up 6.4 percent to NOK1.19 billion.

Despite losing 39,000 mobile subscriptions, the opco was able to upsell services which in turn pushed up ARPU.

There was also revenue growth in Bulgaria, Montenegro and Serbia, Pakistan and Sweden.

In its home market, Telenor saw sales flatline at NOK6.51 billion while opcos in Denmark, Malaysia, Myanmar and Thailand all registered revenue falls.

Net income hit NOK6.5 billion, versus a loss of NOK4 billion last year, due in part to the divestment of its stake in VEON.

CEO Sigve Brekke said: “Execution of our business strategy is gaining traction.

“So far this year, our team has achieved cost savings of one billion kroner, implying that our target for 2017 has already been met and further efficiency gains should be expected going forward.”

Read more: Telenor taps Tweakker to cut contact centre calls

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