Telefonica’s first quarter profit climbed 2.7% on the back of improved revenues from its Latin American operations. Net income increased to EUR558.2 million from EUR543.4 million, not including EUR185.7 million which was set aside to cover anticipated job cuts. Excluding that cost, first quarter profit rose 27%. Sales, meanwhile, rose 7.7% to EUR6.96 billion, with revenues from its domestic and Latin American fixed line operations climbing 1.7% and 8.8% respectively. In terms of results by company Telefonica de Espana generated EUR2.63 billion of the total, whilst revenue from its cellular business jumped 20% to EUR2.65 billion, with the company reporting 54.36 million managed wireless customers at the end of March, an increase of 30.2% in a year.