TeliaSonera posts 20% profit growth in Q1

TeliaSonera reported a 20% rise in first-quarter net profit, driven by strong mobile and broadband growth, an Associated Press report said.

The report said the carrier's net profit increased to 4.27 billion kronor ($566 million) in the three-month period ending March 31, compared with 3.56 billion kronor ($475 million) a year earlier.

Sales increased 5.6% to 21.98 billion kronor ($2.92 billion) from 20.80 billion kronor ($2.7 billion) a year earlier, slightly above forecasts, the report said.

The company, created by the merger in 2002 of Finland's Sonera and Sweden's Telia, said it would start to pay an extra dividend annually, according to the report.

The additional distribution would be reviewed annually, taking into consideration the company's cash flow and its projections as well as investment plans, the report said.

The report said company CEO Anders Igel confirmed that the company was looking to continental Europe for possible acquisition targets

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