Business News

MADRID, (APP/AFP) – 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.