Telefonica boosts profit 40.0 percent

0 Comments | AFP, March, 2006

MADRID (AFP) — Spanish telecommunications operator Telefonica says it has boosted net profit by 40.0 percent in 2005 to a record of 4.44 billion euros (5.28 billion dollars).

The performance, lifted by the performance of assets bought from Bellsouth in Latin America, was slightly above the figure expected by analysts.

They had forecast a net figure of 4.20-4.37 billion euros.

The company said that the net figure would have amounted to 4.91 billion euros but for provisions for the withdrawal of a UMTS mobile-telephone licence in Italy and for job cuts in fixed-line operations in Spain.

Operating profit before writedowns rose by 25.0 percent to 15.27 billion euros. Sales rose by 25.1 percent to 37.88 billion euros.

In the fourth quarter, net...