Telefonica Profit Jumps in 4Q Despite Revenue Fall
February 22 2018 - 3:08AM
Dow Jones News
By Marc Navarro Gonzalez
Telefonica SA (TEF.MC) said Thursday that its profit more than
tripled in the fourth quarter despite a 4.1% decrease in
revenue.
Telefonica said net profit rose to 693 million euros ($853.6
million) from EUR145 million the same period last year. Revenue
fell to EUR13.16 billion from EUR13.72 billion. Operating income
before depreciation and amortization, or Oibda, rose 23% to EUR3.91
billion.
The company said net financial expenses in the quarter grew 28%
to EUR470 million, mainly due to the steep devaluation of the
Venezuelan bolivar.
The Spanish telecommunications giant said net debt decreased by
EUR2.99 billion in the fourth quarter, helped by free cash
generation of EUR1.72 billion and the closing of a sale of a 40%
stake in telecommunications infrastructure company Telxius. As of
December 2017, Telefonica's net debt was EUR44.23 billion.
Telefonica said it sees revenue growing about 1% in 2018 and
Oibda margins expanding about 0.5 percentage points on year.
Write to Marc Navarro Gonzalez at marc.navarro@dowjones.com
(END) Dow Jones Newswires
February 22, 2018 02:53 ET (07:53 GMT)
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