TEF Telefonica SA

   By Marc Bisbal Arias 
 

Telefonica SA (TEF.MC) said Thursday that its first-quarter net profit rose on year, despite lower revenue.

Net profit was 837 million euros ($1.02 billion) compared with EUR779 million the year-earlier period. This is above consensus estimates of EUR801 million in a poll provided by the company.

Revenue fell to EUR12.19 billion from EUR13.13 billion, but was slightly higher than consensus, which saw it at EUR12.15 billion.

Operating income before depreciation and amortization, or Oibda, fell to EUR3.86 billion from EUR4.02 billion.

Organically, however, revenue and Oibda rose by about 2% and 3%, respectively, Telefonica said.

Net debt fell by almost 10% to EUR43.98 billion.

"This quarter's results are in line with our expectations and allow us to reiterate our objectives set for the year," Executive Chairman Jose Maria Alvarez-Pallete said.

Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com

(END) Dow Jones Newswires

April 26, 2018 02:07 ET (06:07 GMT)

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