Telefonica Profits Down on One-Off Gains

Spanish telecoms giant, Telefónica has reported a 28.7% drop in profits to reach €5.596 billion (US$7 billion) for the first nine months of the year - thanks to one-off capital gains from the sale of Airwave and Endemol in 2007. Net profit before the one-off gains would have climbed 23.5%.

Revenues rose to €43,141 billion (US$53.9 billion) for a year-on-year increase in the first nine months of the year of 2.7%, boosted by the growth rate of 5.7% in the third quarter.

Telefónica GroupÃ's wireless accesses stood at approximately 189 million at the end of September, with 6.2 million net adds during the third quarter of 2008 (year-on-year organic growth of 17.4%) and of 17.22 million net adds in January-September (year-on-year organic growth of 14.2%).

Posted to the site on 14th November 2008