A decent enough set of figures from Telenor this morning, despite it slipping into the red during 1Q12 with a loss of 390 million Kroner ($67.1 million).
That loss is mostly due to a 3.9 million write down of its Uninor assets, following the cancellation of its 2G licenses in India and regulatory plans to re-auction the licenses at a premium of around 13 times the original price.
However, the operator faces something of a quandry over the Indian situation. It clearly wants to continue operating in the market which, along with the bulk of its other Asia Pacific units, was a driver of revenue during the quarter. It would, surely, be a big blow for the firm to pull out of India, though I get the feeling it's not afraid of making such a move - hence it taking the hit on asset write-down in its 1Q results.
A solid performance in two of its three Eastern European markets is also cause for optimism, showing that the firm isn't reliant solely on India/Asia Pac for growth.