April 24, 2018 / 5:18 AM / a year ago

Norway's Telenor adjusts guidance to reflect CEE sale, Q1 slightly ahead

* Graphic: reut.rs/2K4UjwS

OSLO, April 24 (Reuters) - Telecoms operator Telenor posted first-quarter results slightly ahead of expectations on Tuesday and adjusted its guidance to reflect the agreed sale of is central and eastern European assets.

In March Telenor exited the region after agreeing to sell its operations to Czech billionaire Petr Kellner’s investment firm PPF Group for 2.8 billion euros ($3.42 billion).

The firm’s quarterly profit before interest, tax, depreciation, amortisation and other items (adjusted EBITDA) rose to 11.3 billion crowns ($1.43 billion) from 10.5 billion a year ago, while analysts had expected a profit of 11 billion.

While Telenor expected its revenues to grow at the same rate of 1-2 percent this year, it now sees its organic EBITDA to grow 2-3 percent, against an earlier view of 1-3 percent.

Its capital expenditure, excluding licenses and spectrum, is expected to be 17-18 billion crowns against 18-19 billion crowns previously.

Telenor has seen its share price rise 26 percent over the past year after boosting profits, raising its dividend and buying back shares, outperforming a European telecoms index down 9 percent. ($1 = 0.8185 euros) ($1 = 7.8797 Norwegian crowns)

Reporting by Gwladys Fouche, editing by Terje Solsvik

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