News > February 2008

Feb 28, 2008 Telefonica 4Q net profit up 2.3 percent on growth in Latin America, Spain

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Telefonica 4Q net profit up 2.3 percent on growth in Latin America, Spain

Date: 2008-28-02
AP, www.iht.com

MADRID, Spain: Telefonica SA's net profit rose 2.3 percent in the fourth quarter ending Dec. 31, boosted by growth in key Latin American and Spanish divisions, the company said Thursday.

Madrid-based Telefonica, the largest telecommunications company in Spain and Latin America, said net profit rose to €1.06 billion (US$1.59 billion) from €1.04 billion a year earlier.

Operational income before depreciation and amortization, or OIBDA, was €4.58 billion (US$6.89 billion) for the period, also up 2.3 percent from €4.48 billion. OIBDA is Telefonica's preferred measure of profitability.

Revenue increased 1.6 percent to €14.43 billion (US$21.71 billion) from €14.20 billion in the same period last year.

Net profit for the year was at €8.91 billion (US$13.4 billion), up 42.9 percent from €6.23 billion. Sales for 2007 rose 6.7 percent from €52.90 billion to €56.44 billion (US$84.91 billion).

Telefonica also said it expects revenue growth in 2008 to be between 6 and 8 percent compared with last year, and OIBDA growth to be between 7.5 and 11 percent.

Operating income is set to rise between 13 and 19 percent, and the company said it has earmarked €8.6 billion (US$12.94 billion) in capital expenditure for the period.

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