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Telefonica Q3 profits up

Wed 7th Nov 2012
Telefonica Q3 profits up

Telefonica has reported how an increase in Latin American business has helped it offset a continuing slump in crisis-hit Europe as it posted Q3 profits of €1.38 billion compared to a net loss of €429 million for 2011.

Yesterday the company announced a fall in revenue for July through September fell by 1.6% to €15.54 billion compared to Q3 of last year. In Europe it dropped 6.8% to €7.44 billion while in Latin America it rose 3.8% to €7.62 billion.

Telefonica SA said net profit for the first 9 months of the year was up 26.4% at €3.46 billion.

The company suffered a net loss in the Q3 of 2011 mainly due to staff layoff costs.

Shares in Telefonica were up 0.18% to €10.39 at the start of business at the Madrid stock exchange.