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Uninor revenue rises, parent firm writes down investment

business Updated: Feb 08, 2012 20:17 IST

IANS
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Uninor's revenue rose during the quarter ended December 2011 on an increased subscriber base while the parent company Telenor wrote down its investment of about $724.5 million (4.2 billion Norwegian Kroner) following the Supreme Court order cancelling the service provider's 22 licences.

"Total revenues in local currency increased by 17% compared to third quarter 2011 contributed by an increased subscriber base," the company said in a statement.

"Revenues improved to NOK 936 million ($162.5 million) as compared to NOK 400 million ($69.4 million) in same quarter in 2010," it added.

Calling the write-down an accounting exercise, Telenor said it has no impact on the running of Uninor's operations which will continue as usual.

Telenor has committed an investment of $3 billion in India, the bulk of which has already been deployed, according to officials at Uninor.

Uninor boasts of about 40 million subscribers across the country.

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