While predicting improving profitability and rising revenues in 2012, Norway’s state owned telecoms firm Telenor reported operating earnings well behind forecasts on Wednesday, according to Reuters.

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 (EBITDA) was 7.08 billion crowns in the quarter, well short of forecasts for 7.61 billion 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.

“The positive operational development in Uninor throughout the year continued in the fourth quarter, and we are now recognised as a growing player in the Indian market.  The recent ruling from the Indian Supreme Court to cancel all telecom licences issued in 2008 severely penalizes Telenor for actions that took place before we entered India. We are working to protect our investments in all possible manners, and will consider every option prior to any further investments. We expect Indian authorities to conduct a swift and fair process,” said Jon Fredrik Baksaas, President and CEO of Telenor Group.