* Q3 EBITDA jumps 14 percent to $1.51 bln, beats all f'casts
* Telenor ups EBITDA margin goal to 35 pct from 34 pct
* Telenor trims capex to 13 pct of revenues from 13-15 pct
* Shares seen rising when trading opens at 0800 GMT
(Adds analyst, details)
By Wojciech Moskwa and Terje Solsvik
OSLO, Oct 29 (Reuters) - Norwegian telecom firm Telenor posted a better-than-expected rise in third quarter core profit and nudged up its 2009 efficiency target due to tight cost controls and reduced investments.
Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at 8.52 billion Norwegian crowns ($1.51 billion) in July-September, against 7.45 billion a year earlier, beating all forecasts in a Reuters poll of 18 analysts, which ranged from 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," Chief Executive Jon Fredrik Baksaas said in a statement.
Telenor increased its 2009 EBITDA margin guidance to 35 percent from an earlier 34 percent. It said it maintained its view of steady organic revenue this year compared with 2008, "however on the negative side".
It reduced its estimate for capital expenditure to 13 percent of net revenues from earlier guidance of 13-15 percent.
"They have very strong EBITDA earnings. The stock will clearly rise on this," Fondsfinans analyst Arild Nysaether said.
"The trend from the last three to four quarters is continuing in that there is a strong focus on Telenor's cost cuts. They're seeing stronger and stronger effects, and are ahead of what's been expected."
Telenor added 4 million mobile subscriptions during the quarter, reaching 172 million across the Nordics, Eastern Europe and in emerging Asia, where it is the second-largest foreign operator behind Vodafone.
Telenor said its Nordic operations were on track to deliver on a 10 billion crown cash-flow target, while its Pakistan unit showed good progress towards reaching cash flow break-even in 2010 and its Bangladeshi arm delivered "very strong" results.
"Our operations in Central and Eastern Europe continued to be affected by the economic downturn, however the margins and operating cash flow remained strong," Telenor said, adding that 2008 dividends for Kyivstar will be paid by the end of 2009.
Earlier this month Telenor agreed to end years of corporate and legal battles with Alfa Group, its partner in Russia and Ukraine, and to merge its operations in the two states in a new company headquartered in the Netherlands.
Shares in Telenor have surged more than 30 percent over the past three months, but its forecast 2010 price to earnings ratio of 11.23 is still above TeliaSonera's 10.98, and France Telecom's 9.60, according to Reuters data. (Editing by John Stonestreet/Will Waterman)