Telenor's shares fell by around 5% on Monday after it gave a conservative outlook for 2014.
The Norwegian incumbent forecast low single-digit organic revenue growth and expects its EBITDA margin to be in line with 2013, which was 34.5%. The projections came in below the estimates of analysts polled by Bloomberg.
For the fourth quarter, Telenor reported revenue of 27.6 billion kroner (€3.3 billion), up 6.2% from NOK26 billion a year earlier. EBITDA increased to NOK9 billion (€1.1 billion) from NOK8.2 billion, while income after taxes and non-controlling interests fell to NOK2.4 billion from NOK2.5 billion.
"During the year, we added 17 million subscribers, of which 5 million alone in the final three months," said Jon Fredrik Baksaas, CEO of Telenor, in a statement. "This growth was mainly driven by India, Pakistan and Bangladesh. These countries still represent a significant potential for further growth."
For the full year, revenue came in at NOK104 billion (€12.5 billion), up from NOK101.7 billion in 2012, while profit after taxes and non-controlling interests increased to NOK13.2 billion from NOK8.8 billion.
"As the world goes digital, Telenor Group is strategically managing the transition from voice to data and we will continue to focus on our Internet for all ambition, an initiative to connect the unconnected in all our markets," said Baksaas, referencing Telenor's forthcoming launch in Myanmar.
Telenor proposed a dividend of NOK7 per share, a 17% increase on 2012.