Telefónica beats 3Q earnings expectations

14 Nov 2003

In its third quarter results Telefónica has posted a 17% increase in core earnings to EUR3.34 billion, although one-time costs in Latin America pulled its net profit down lower than expected. Revenues improved by 6% to EUR7.27 billion in the three months ended 30 September 2003, while cost cutting helped lift nine month core earnings by 4.1% to EUR9.29 billion, with net profit coming in at EUR2.01 billion. Sales slipped 3% to EUR20.83 billion, impacted by the depreciation of a number of Latin American currencies.

In terms of revenues by company, Telefónica de Espana remains the group’s most important operation generating EUR7,593.3 million in the first nine months of the year, closely followed by Telefonica Moviles (EUR7,539.4 million), Telefonica LatinoAmerica (EUR4,649.9 million), Telefonica Empresas (EUR1,308.4 million) and Content and Media businesses (EUR1,036.7 million).

Telefónica, PriMetrica's GlobalComms