With growth in Asia offsetting decline in eastern Europe, Telenor said that its revenues were flat on an organic basis at 24.78 billion Norwegian krone (3.91 billion US dollars) in the first quarter of 2009 compared with a year earlier. The Oslo-based company reduced capital spending by 35% year-on-year to 3.29 billion krone.
Telenor maintained its forecast that organic revenues, excluding its start-up operation in India, will be flat across 2009. It also estimated that capital expenditure will be between 15% and 17% of revenues, excluding licences and spectrum fees, in 2009 compared with almost 19% in 2008. source: Telenor statement
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