Telia warns of $1.9 bln impairment as interest rates rise (updated)
20/01/2023 10:56
(Adds detail, background)
STOCKHOLM, Jan 20 (Reuters) - Swedish telecom operator
Telia Company TELIA.ST warned on Friday its fourth-quarter
results would be negatively impacted by non-cash impairments
across its operations.
The impairments reflected broad macro-economic changes,
including increased capital costs from rising interest rates,
the company added.
Telia said in a statement the total impairment cost
would amount to 19.8 billion crowns ($1.93 billion).
The impairments reflected broad macro-economic changes,
including increased capital costs from rising interest rates,
Telia said.
The group, which is in the midst of a years-long cost
cutting programme, said the bulk of impairments related to its
Finland and Norway units, with charges of 9.5 billion crowns and
8.5 billion, respectively.
The remaining charges relate to its Danish and Latvian
units, the C More pay TV business, and a move to dismantle its
copper network in Sweden.
Shares in Telia were down 2% in mid-day trade.
($1 = 10.2836 Swedish crowns)
(Reporting by Anna Ringstrom, editing by Terje Solsvik)
((anna.ringstrom@thomsonreuters.com; +46 8 502 423 74; Reuters
Messaging: anna.ringstrom.thomsonreuters.com@reuters.net))