TeliaSonera posts fall in Q1 profits

Nordic telecoms giant TeliaSonera http://www.telia.com has reported a fall in first quarter profits and warned that intense competition will hit margins during the rest of the year. As the company reports today in a press release on its website, net income totalled 3.56 billion Swedish Krone (389.3 million euros), a slight fall from the 3.65 billion Krone (399.2 million euros) from the same period a year earlier. Earnings per share also dropped from 0.73 Krone (0.08 euros) in the first quarter of 2004 to 0.68 Krone (0.07 euros) in the first quarter of this year. Net sales increased 5 per cent to 20.8 billion Swedish Krone (2.28 billion euros). There was also an agreement on expanded ownership in Turkcell.