Telefonica 2Q Profit Rises as Revenue Falls

Date : 07/26/2018 @ 6:17AM
Source : Dow Jones News
Stock : Telefonica Sa (TEF)
Quote : 8.55  0.0 (0.00%) @ 1:54PM

Telefonica 2Q Profit Rises as Revenue Falls

Telefonica (NYSE:TEF)
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   By Nathan Allen 
 

Telefonica SA (TEF.MC) said Thursday that its second-quarter net profit rose, despite a slight drop in revenue.

Net profit at the telecom operator was 902 million euros ($1.06 billion) compared with EUR821 million a year earlier, while reported revenue edged down 6.3% to EUR12.14 billion from EUR12.96 billion, the company said.

Analysts had predicted profit of EUR892 million on revenue of EUR12.05 billion, according to a company-compiled consensus.

Operating income before depreciation and amortization, or Oibda, was EUR4.24 billion up from EUR4.16 billion, the company said.

Telefonica said net income took a EUR60 million hit from an impairment in Mexico, while its Oibda received a EUR225 million boost from a favorable court ruling in Brazil.

"These results allow us to reiterate our guidance and dividends for 2018," Executive Chairman Jose Maria Alvarez-Pallete said.

 

Write to Nathan Allen at nathan.allen@dowjones.com

 

(END) Dow Jones Newswires

July 26, 2018 02:02 ET (06:02 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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