Spain's Telefonica reports slight profit gain

13th May 2010, Comments 0 comments

Spanish telecommunications group Telefonica reported a 2.0 percent gain in first quarter net earnings Thursday, as well as a slide in operating profit, and maintained its targets for this year.

The company said net earnings came to 1.656 billion euros (2.1 billion dollars) compared with first quarter 2009 while operating profit before depreciation fell 4.1 percent to 5.114 billion euros.

Sales in the first three months of the year totaled 13.932 billion euros, a gain of 1.7 percent from the first quarter of 2009.

"First quarter results are in line with the company's expectations and allow it to reiterate all financial targets for 2010," Telefonica said in a statement.

© 2010 AFP

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