Norway's leading telecom company Telenor has delighted investors and shocked analysts after posting third quarter figures which have managed to beat all estimates. In light of the positive new development, the firm has also increased its 2009 efficiency target figures.

The positive figures for the three month period up-to September end have been a result of reduced investments and strict cost controls by the company.

Posted figures revealed earnings which stood firm at 8.52 Billion Norwegian Crowns ($1.51 billion) for the July-September quarter, a rise from last year's earnings of 7.45 Billion for the same period. This has surpassed the estimate pegged by Wall Street analysts which was between 7.37 Billion to 7.9 Billion.

"We expect that our focus on cost control and improved efficiency will enable us to deliver a slightly stronger EBITDA margin and lower investments than originally anticipated for 2009”, shared Chief Executive Jon Fredrik Baksaas.

During the reported quarter, Telenor added another 4 million subscriptions to its already teeming customer base. The company now reaches to customers in Nordics, Eastern Europe and Asia, a market where it enjoys being the second largest foreign operator, right behind Vodafone.