Norwegian telco Telenor has written off its entire mobile business in Myanmar, citing the “deteriorating security and human rights situation,” after the military seized control of the nation’s government in February and imposed rolling internet blackouts.
“In Myanmar, we see an irregular, uncertain, and deeply concerning situation,” says the telco’s Q1 2021 results announcement. “Due to the worsening of economic and business environment outlook and a deteriorating security and human rights situation, we see limited prospects of improvement going forward.”
“Based on this, we have fully impaired Telenor Myanmar with an amount of NOK 6.5bn (US$780m) in the quarter.” The carrier decided not to include revenue from Myanmar – which reached around $750m in 2020 - in its outlook.
Telenor’s 2020 annual report [PDF], says it had 16 million customers in Myanmar, but that business conditions were challenging before the coup.
Telenor’s Q1 results were mixed ...
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