Published: 08.39 Europe/London, May 4, 2011

Telenorís first quarter financials produced a mix bag of numbers, but overall a sound performance, with figures for its conditional access business Conax broken out for the first time in recent years.

As it turned out, first quarter profits at Conax were unchanged year on year at NOK 37 million on revenues of NOK 128 million.

The gradual subscriber erosion at Canal Digital continued with 986,000 subs as of March 31, 2011, contrasting with 997,000 at the end of the previous year. Revenues of NOK 1,050 million delivered profits largely unchanged at NOK 93 million.

Satellite broadcasting revenues dipped to NOK 162 million from 180 million as gains in Central and East Europe failed to compensate for a fall in the Nordic business.

Overall Broadcast reported NOK 291 million in profit from NOK 237 million in Q1 2010.

Since the beginning of the year Telenorís cable business has been accounted for under Telenor Norway. Restated figures from previous reports show an increase in TV customers from 480,000 in Q1 2010 to 502,000 in Q1 2011. The numbers also include an element of IPTV. Another 231,000 cable homes sit within the Broadcast business.

Revenues increased from NOK 1,144 million to NOK 1,169 million on TV ARPU of NOK