Spanish mobile phone giant sees profits fall 3.6pc
12 May 2005, MADRID — Telefonica Moviles, the biggest mobile phone company in Spain, posted a slightly higher-than-expected net profit in the first quarter of EUR 432.1 million.
12 May 2005
MADRID — Telefonica Moviles, the biggest mobile phone company in Spain, posted a slightly higher-than-expected net profit in the first quarter of EUR 432.1 million.
But this was 3.6 percent less than earnings in the same period last year.
Analysts had expected net earnings of between EUR 368-431m.
Revenue in the first three months of 2005, which included for the first time the results of US BellSouth's mobile phone operators in Latin America that Telefonica bought last year, jumped 39.3 percent to EUR 3.67 billion, the company said in a statement.
Telefonica's operations in 15 Latin American countries accounted for almost half of the increase in revenue for the whole group.
The Spanish company bought 10 mobile phone operators from BellSouth in 2004 for an estimated EUR 5.85 bn.
The acquisitions made Telefonica the world's second-largest mobile phone operator after the British telecom giant Vodaphone, and reinforced its place as the No. 1 company in its sector in Latin America, the company said.
[Copyright EFE with Expatica]
Subject: Spanish news