Arab Today, arab today telefonica reports profit fall but rising demand
Last Updated : GMT 05:43:04
Arab Today, arab today
Arab Today, arab today

Telefonica reports profit fall, but rising demand

Arab Today, arab today

Arab Today, arab today Telefonica reports profit fall, but rising demand

Madrid - AFP

Spanish telecom group Telefonica reported a sharp fall in net profit for the second quarter on Thursday but did better than expected with a strong performance in Latin America. The giant group said that net profit fell by 13.1 percent to 1.154 billion euros ($1.5 billion). This was better than the overall expectations of eight analysts polled by Dow Jones Newswires who had forseen a net figure of 1.053 billion euros. Telefonica said in a statement that it had achieved double-digit growth in Latin America and that it had benefited from an improvement of activity in Europe. On Tuesday, it was announced that Telefonica had bought E-Plus, the German subsidiary of Dutch group KPN, for 5.0 billion euros in cash and a 17.6-percent stake in Telefonica Deutschland. Analysts said that the deal was part of a strategy by Telefonica to develop in northern Europe to balance exposure to markets in recession-hit southern Europe.

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