Myanmar unrest pushes Telenor deep into Q1 loss

This handout photo taken and released by Dawei Watch on May 4, 2021 shows protesters making the three-finger salute during a demonstration against the military coup in Dawei. - AFP

OSLO, May 4 (AFP): Norwegian telecoms group Telenor said Tuesday it was pushed deep into loss in the first quarter after it was forced to write down all of its assets in Myanmar, where it is a major operator, as a result of the unstable situation there since the military coup on February 1.

Telenor said in a statement that it booked net loss of 3.9 billion kroner (US$470 million, 390 million euros) in the period from January to March, compared with bottom-line profit of 698 million kroner in the same period a year earlier.