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Telefonica Group Profits up on Latin American Business

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Spain's Telefonica has reported a 16% rise in its second quarter profits as growth in Latin America compensated for weaker markets in Spain. The company reported a net profit of EUR2.12 billion for the quarter, ahead of analysts' forecasts of EUR1.92 billion.

Consolidated revenue rose 5.4% year-on-year in the first half of 2010 to EUR29.1 billion. Growth was stronger in Latin America (+10.2%) and Europe (+10.8%), and the recovery trend gained traction in Spain.

The company has also reiterated its guidance for the short (2010) and medium term (2012) as well as its shareholder remuneration commitment.

At the end of June 2010, the Company's net financial debt totalled EUR 48.4 billion.

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Tags: telefonica  latin america  europe  Spain