Norwegian telecoms company Telenor reported operating earnings well behind forecasts on Wednesday but predicted

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improving profitability and rising revenues in 2012.

State-controlled Telenor, one of the world's biggest mobile operators with around 140 million subscribers across Europe and Asia, said earnings before interest, taxes, depreciation and amortisation was 7.08 billion crowns in the quarter, well short of forecasts for 7.61 billon crowns in a poll of analysts.

The company also reported a 2.52 billion-crown net loss for the quarter due to a previously disclosed 4.1 billion-crown writedown related to its Indian operations after the Supreme Court ordered 122 telecoms licenses revoked, including 22 held by Telenor, because of 2G telecoms scandal.