Scandinavia’s two largest telecommunications companies reported better-than-expected results in the fourth quarter and said they remained hopeful that their emerging market operations could ride out the global economic crisis.

Telenor reported net profit of NKr2.21bn ($326m) – sharply down year-on-year because of one-off factors in the fourth quarter of 2007 – on revenue up 11 per cent to NKr29.93bn.