Telefonica has announced that its 2Q profit has more than doubled and raised its forecasts for full year 2007 sales and earnings. Net income rose to EUR2.57 billion (USD3.5 billion) in the three months ended 30 June 2007 from EUR1.14 billion in the same period of 2006. As a result the company has raised its earnings forecasts for the year, citing better than predicted broadband customer growth at home and overseas. Sales rose 6.5% to EUR14 billion with domestic fixed line and mobile revenue increasing 5.4% to EUR5.2 billion. EBITDA increased 34% to EUR6.16 billion.
Telefonica now forecasts full-year sales growth of between 8% and 10%, up from a previous target of 6%-9%. EBITDA is forecast to rise between 10% and 13%, from an earlier goal of 8% to 11%.