Telia Reported Mixed Third-Quarter Results and SEK 12.5 Billion Provision for Fines in Uzbekistan
Telia reported mixed third-quarter results, with weaker revenue but better margins. However, the bigger issue was that  it reported a SEK 12.5 billion ($1.45 billion) provision for fines in Uzbekistan. We are disappointed that negotiations so far have not led to a reduction in the fine, which we believe is too high relative to the $795 million VimpelCom settled for in relation to similar illegal payments to enter Uzbekistan. Because the likelihood that this amount will be paid, we are reducing o...Telia Company provides telecommunication services in the Nordic and Baltic countries, the markets of Eurasia, including Russia, Turkey and Spain. Co. has three business segments: Mobility Services, which comprises operations in Sweden, Finland, Norway, Denmark, Lithuania, Latvia, Estonia and Spain; Broadband Services, which comprises operations in Sweden, Finland, Denmark, Lithuania, Latvia (49.0%), Estonia and international carrier operations; and Eurasia, which comprises mobile operations in Kazakhstan, Azerbaijan, Uzbekistan, Tajikistan, Georgia, Moldova and Nepal. The business area also includes Co.'s shareholdings in OAO MegaFon, Russia and Turkcell Iletisim Hizmetleri A.S., Turkey.
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