Spanish telecoms giant Telefonica has revealed a 14.8% decline in net profit, better than expected, for the twelve months ended 31 December 2008, reflecting an absence of one-off gains after it sold its Endemol and Airwave units in 2007. Net profit for the group was EUR7.59 billion (USD9.73 billion) for the twelve-month period, while it registered an 88.6% increase in net profit for the last quarter of the fiscal year, up from EUR1.1 billion in 4Q 2007 to EUR1.99 billion in 4Q 2008. Full year revenue rose 2.7% year-on-year to EUR57.9 billion, bolstered by strong performance from the group’s Latin American operations, which helped to offset slowing growth in its home market. Revenue for Telefonica’s Spanish operations rose just 0.7% to EUR20.8 for the 2008 fiscal year, while its Latin American subsidiaries registered revenue growth of 10.4% to reach EUR8.45 billion. The groups other European operations did not fare as well however, reporting a 1% decline in revenues for the year to EUR14.3 billion. Telefonica also announced that it had written down EUR146 million on its stake in Telecom Italia (TI) following a valuation of TI announced in January.