Telefonica posts profit of 7.6 billion euros despite crisis

Telefonica posts profit of 7.6 billion euros despite crisis

The Spanish telecommunications giant Telefonica posted a net profit of 7.6 billion euros (9.7 billion dollars) in 2008, down 14.8 per cent from 2007 but above forecasts.

The 2007 profit had been boosted by extra income from the sales of subsidiaries such as Endemol and Airwave, the company explained Thursday in a press release.

Revenues grew 2.7 per cent to 57.9 billion euros in 2008. Business in Latin America compensated for a slower market in Europe, with Latin American revenues up 14 per cent.

Customer base grew 13 per cent to 259 million worldwide. Growth was fastest in mobile phones (up 17 per cent to 196 million), broadband (up 21 per cent to 12.5 million) and pay television (up 30 per cent to 2.2 million).