Telefonica: Telecom Sector Least Affected By Financial Crisis
August 31 2009 - 6:25AM
Dow Jones News
The telecommunications sector has been the least affected by the
financial crisis, Telefonica SA's (TEF) chief operating officer,
Julio Linares said Monday.
"If you look at the number of calling minutes consumed this year
compared to last... (the telecommunications) sector is the least
affected by the financial crisis," Linares said.
He said fixed-line telephony, especially broadband, is as much a
necessity as food for users who are hesitant to switch off their
connection, even amid a deteriorating financial situation.
"The financial crisis isn't putting the brakes on the digital
revolution."
Telefonica, Spain's largest telecommunications company by
subscribers and market capitalization, said last month its
second-quarter net profit fell 6.1% to EUR1.93 billion as its
mature European markets slowed amid recession in Spain.
Company Web site: www.telefonica.com
-By Jason Sinclair, Dow Jones Newswires, 34 913958127,
jason.sinclair@dowjones.com