Telefonica has posted a 22.4% rise in first quarter net profit to EUR1.54 billion (USD2.38 billion), in line with expectations. Operating income before depreciation and amortisation (OIBDA), Telefonica’s core profit measure, rose 5.3% to EUR5.38 billion, while revenues increased by just 1.1% to EUR13.9 billion, principally as a result of the sale of two of its European subsidiaries last year. ‘Good business developments in the first quarter allow us to reiterate our financial targets announced for the whole of 2008 both at group level and in each region,’ Telefonica said in a statement. Latin America continued to drive Telefonica’s earnings in the first quarter with sales up 10.1%, thanks to a 17.7% increase in connections. The company added 3.1 million mobile users in the region in the first three months to take its total to 103.7 million. In Europe (excluding its domestic market) revenues fell 1.7%, hit by the sale of Airwave and Endemol in mid 2007.