However, a major portion of the difference was from the significant decline of the Norwegian krone versus Asian currencies, which is the inverse of what has been happening in the previous several quarters. Thus, we don't anticipate any dramatic changes to our fair value estimate. We are also maintaining our moat rating.
The firm's reported revenue increased 10.5%, but almost half was due to currency movements. For the year, reported revenue grew 7.5% versus our estimate of 4.9%. Telenor's revenue was primarily driven by subscriber growth and data usage. The major subscriber gains came from its operations in Bangladesh, India and Myanmar, which added 1.2 million, 2.3 million and 3.1 million during the quarter respectively. We are particularly impressed with Myanmar, which only started offering services on September 27. This is much faster growth than we anticipated. Data usage growth was particularly evident in the firm's home country of Norway where median data usage jumped 105%, leading to a 10% increase in the average revenue per user (ARPU) to NOK 309 ($40.70) per month. We think this is an indication that data growth can be monetized and ultimately drive ARPUs in many countries for most operators, which has been a key long-term thesis in our telecom models.
However, the strong subscriber growth in Myanmar pressured Telenor's margins. The other major item that hurt its margins was handset subsidies. The iPhone 6 was particularly popular, and drove significant handset sales. The high subsidies pushed margins down in the short term, but should set Telenor up for additional data growth going forward. For the quarter, Telenor's EBITDA fell to 31.2% and for the year to 35.4% versus our projection of 35.6%. While we like the firm's positioning, we think the shares are a bit overvalued.
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