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The Financial Express

Telenor writes off Myanmar business after coup, posts Q1 loss

| Updated: May 07, 2021 16:19:11


Telenor writes off Myanmar business after coup, posts Q1 loss

Norway's Telenor wrote off the value of its Myanmar operation in view of the country's deteriorating security and human rights situation, plunging the group into a first-quarter loss and sending its shares lower on Tuesday, reports Reuters.

While it will continue to operate in Myanmar, 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.

The new regime imposed network restrictions for all operators, and on March 15 ordered a nationwide shutdown of mobile data that has since cut Telenor's subscription and traffic revenues in the country in half, the company said.

However, it still added some 2 million users in Myanmar during the quarter as call volumes rose, increasing its local customer base to 18.2 million.

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