Telefonica earnings rise 7.5pc
26 February 2004, MADRID - Spanish telecom giant Telefonica made a net income of EUR 2.2 billion in 2003, the company reported Thursday.
26 February 2004
MADRID - Spanish telecom giant Telefonica made a net income of EUR 2.2 billion in 2003, the company reported Thursday.
This figure showed the company, which has a virtual monopoly in Spain, had recovered from a loss of EUR 5.57 billion in 2002.
In 2002, the company restructured its Universal Mobile Telecommunications System (UMTS) business in Germany, Austria, Switzerland and Italy.
At the end of 2003, it cut its Spanish workforce with Telefonica de España, shedding 5,489 jobs.
This move cost EUR 1.37 billion.
Earnings during the fourth quarter of 2003 totalled EUR 189.2 million.
Telefonica's operating revenue in 2003 was EUR 28.4 billion, practically the same as in 2002.
But its earnings before interest, taxes, depreciation and other repayments were EUR 12.6 billion - a 7.5 percent increase over 2002.
[Copyright EFE with Expatica]
Subject: Spanish news