Telefonica Profits Tumble On Exchange Rates

Telefonica profits tumble on exchange rates

MADRID, (Pakistan Point News - APP - 28th july,2016) - Spain's heavily indebted telecoms giant Telefonica Thursday reported a plunge in profits on adverse exchange rates but maintained its objectives for the year. It posted net profits of 693 million Euros ($770 million) in the second quarter, down 54.5 percent, below the figure of 743 million predicted analysts polled by Factset. The group was hit by the decline against the euro of several currencies in its main markets, notably Brazil, Britain and Argentina. Sales slumped 7.7 percent to 12.72 billion euros, and operating income fell 7.1 percent to 3.92 percent excluding depreciation and amortization.