- Business
- Childbirth & Education
- Legal Formalities
- Motoring
- Other
- Pensions & Benefits
- Property & Accommodation
- Taxes
- Airports and Airlines Spain
- Paramount Theme Park Murcia Spain
- Corvera International Airport Murcia Spain
- Join us for Tea on the Terrace
- When Expat Eyes Are Smiling
- Meet Wincham at The Homes, Gardens & Lifestyle Show, Calpe
- QROPS 2014
- Spain Increases IHT in Valencia & Murcia
- Removals to Spain v Exports from Spain
- The Charm of Seville
- Gibraltar Relations
- Retiro Park : Madrid
- Community Insurance in Spain
- Calendar Girls
- Considerations when Insuring your Boat in Spain
- QROPS – HMRC Introduces changes that create havoc in the market place
- QROPS – All Change From April 2012
- Liva & Laia : 15th November
Telefonica yesterday reported a 27% drop in Q2 net profit following falling revenues in Spain together with rising operating costs.
Telefonica, Europe's second-largest telecomms company by market value after the UK's Vodafone, announced net profit fell to EUR1.54 billion from EUR2.12 billion in the same period last year, falling short of analysts' expectations.
Operating expenses rose 4% to EUR10.13 billion, with staffing costs rising by 5.7%. However, revenues increased just 2.2% to EUR15.45 billion, as falling sales in its troubled Spanish home market were partially offset by soaring revenue in high-growth but fiercely competitive Latin American markets.
The Group was also hit by a EUR353 million writedown of it's share in Telecom Italia, another former telecom monopoly that is facing tough domestic market conditions. Telefonica holds this stake jointly in an investment vehicle which also comprises several Italian companies.
Telefonica's revenue in Spain fell 6.6% in the quarter, while revenue in the rest of Europe dropped 3.5%. Latin American revenue increased 12%.