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Telephonica pushes on strong revenues and profits

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by Brian Turner
Telephonica pushes on strong revenues and profits

Telefónica, Spain’s biggest telecommunications group and the world’s third largest telecom, reported that its net profits rose 36 percent in the quarter ending March 31, to €912 million ($1.15 billion).

Revenues rose 17 percent to €8.3 billion, in large part because of 10 Latin American mobile phone companies that Telefónica purchased from BellSouth in 2004.

The company has predicted that revenue will grow 12 to 15 percent this year, putting the first quarter ahead of that track.

The Spanish company also reported growth in its fixed-line business in the quarter as higher numbers of broadband ADSL internet subscriptions helped sales in the division rise 6 percent in the face of strong competition.

Telefónica currently has 131 million subscribers around the world, including 3.5 million broadband subscribers. Profits were also helped by job cuts in Spanish fixed-line operations.

On the strength of this good quarterly report, Telefónica opened up 0.8 percent Monday at €13.38.

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News posted: May 16, 2005

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