Telefonica Swung to 4Q Net Loss
February 20 2020 - 2:29AM
Dow Jones News
By Mauro Orru
Telefonica SA said Thursday that it swung to a net loss in the
fourth quarter of 2019 as the company's pullout from some Latin
American markets and the sale of 10 data centers took their
toll.
The Spanish telecommunications company posted a net loss for the
quarter of 202 million euros ($218.1 million) compared with a
profit of EUR610 million the previous fourth quarter.
Analysts polled by FactSet were expecting net profit to come in
at roughly EUR576 million.
Telefonica said revenue for the period declined to EUR12.4
billion from EUR12.92 billion, against a projected EUR12.38
billion, according to FactSet.
Operating income before depreciation and amortization rose to
EUR3.67 billion from EUR3.54 billion the previous fourth quarter,
while operating profit fell to EUR914 million from EUR1.07 billion
for the same period.
Telefonica said it would pay a dividend of EUR0.40 per share,
the same as the previous year.
The company said it expects stable growth in the main metrics
for 2020.
"The operational spinoff of [Latin American unit] Hispam will
open opportunities to crystallize value and finally, we are
increasing agility and efficiency across all units," Chief
Executive Jose Maria Alvarez-Pallete said.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
February 20, 2020 02:14 ET (07:14 GMT)
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