July 17, 2020 / 5:55 AM / 22 days ago

Telia second-quarter core profit tops forecasts

STOCKHOLM (Reuters) - Swedish telecom company Telia (TELIA.ST) reported quarterly core earnings well ahead of market forecasts on Friday as cost savings helped limit the negative business effects from the pandemic.

Telia said second-quarter adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) was 7.74 billion Swedish crowns (£678.52 million), up from 7.47 billion crowns a year earlier and well above the 7.09 billion mean analyst forecast in a Refinitiv poll.

“Our second quarter results were better than our expectations, as a result of proactively addressing our cost base, but still clearly impacted by the COVID-19 pandemic,” CEO Allison Kirkby said in a statement.

Reporting by Johannes Hellstrom; Editing by Shri Navaratnam

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