Telefónica forecasts revenue growth of 5% to 8%

11 Apr 2003

Spanish telecoms giant Telefónica is predicting that, barring any further unpleasant surprises from Latin America which generates around a third of its turnover, group revenues will rise by between 5% and 8% in 2003. Telefónica posted revenues of EUR28.4 billion (USD30.7 billion) in 2002 and reported operating cash flow of EUR7.9 billion; it expects free cash flow will rise by 9%-12% in the coming fiscal year. The Spain telco is planning on ramping up its mobile interests in Mexico and increasing revenues from its Brazilian operations. It also hopes to press ahead with the disposal of its media assets.