TEF Telefonica SA

   By Nathan Allen 
 

Telefonica SA (TEF.MC) said Thursday that net profit fell in the fourth quarter, in part as a result of unfavorable currency swings and restructuring costs.

The Spanish telecom said net profit fell to 610 million euros ($692.1 million) from EUR693 million a year earlier.

Telefonica booked EUR651 million in one-off costs in the quarter, including EUR262 million in restructuring costs and a EUR242 million writedown of goodwill associated with its Mexican business.

Revenue dropped to EUR12.92 billion from EUR13.16 billion, the company said. However, in organic terms revenue grew 3% in the quarter, the company said.

Analysts had forecast net profit of EUR813.7 million on sales of EUR12.46 billion, according to a FactSet-compiled consensus.

Operating income before depreciation and amortization fell 9.6% to EUR3.54 billion.

Telefonica declared a dividend of EUR0.40 a share, unchanged from 2018.

For 2019 Telefonica said it expects revenue and Oibda growth of around 2%.

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

(END) Dow Jones Newswires

February 21, 2019 02:02 ET (07:02 GMT)

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