Telefonica lowers profit forecast

11th November 2004, Comments 0 comments

11 November 2004, MADRID—Spain's biggest telecoms company Telefonica has lowered its underlying profit projection for 2004 as it reported a 4.9 percent gain in net earnings to EUR 2.11 billion euros (USD 2.7 bn).

11 November 2004

MADRID—Spain's biggest telecoms company Telefonica has lowered its underlying profit projection for 2004 as it reported a 4.9 percent gain in net earnings to EUR 2.11 billion euros (USD 2.7 bn).

The profit figures related to the first nine months of this year compared to the same period last year.

It said underlying profit as represented by earnings before interest, taxation, depreciation and other factors was now expected to grow by five to seven percent this year rather than seven to 10 percent.

Analysts had foreseen net profit in the first nine months of between EUR 2.14 and 2.32 bn.

Sales edged up to EUR 21.92 bn euros from EUR 20.83 bn in the January-September period of 2003.
  
[Copyright EFE with Expatica]

Subject: Spanish news

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