Telenor's profit soars 7-fold

Telenor's profit soars 7-foldTelecom entity Telenor Group has reported that it has managed to register a seven fold profit rise in the second quarter ended June 30.

The company has also informed that its business in Asia has been significant and it has a major contribution to the rise in the net profit.

The company has posted a net profit of $9.49 billion for the quarter that ended in 30th June, 2010. Last year's net profit was $1.37 billion for the same quarter.

The Asian business has been very impressive this time for the company to have a hike of seven times in the net profit. However, there has been a marginal hike in its revenue.

The revenue of the company has gone up by a marginal 2.72% in the quarter under review. It was reported to be $ 25.2 billion in the second quarter. This has been informed in a statement by the company.

During this period of time, the company has added 5.4 million mobile subscriptions and in Asia. This additional subscription has added an organic revenue growth of almost 13% for the company.