Telenor posts Q1 loss after writing off Myanmar business following coup

Thomson Reuters Foundation | May 4, 2021 at 9:03 AM
  • Norway’s Telenor said on Tuesday it had written off the value of its Myanmar operation in light of the country’s deteriorating security and human rights situation, plunging the group into a first-quarter loss.
  • Telenor’s mobile business in the Asian country, where it has had a presence since 2014, remains severely restricted following the military’s seizing of power in a Feb. 1 coup.
  • As a result of the writedown, the Telenor group’s net earnings slumped to a loss of 3.9 billion Norwegian crowns in the first quarter from a year-ago profit of 698 million crowns.