Telefonica Profit Boosted by Currency Gains

By Jeannette Neumann Features Dow Jones Newswires

Telefonica SA (TEF) posted a 42% increase in first-quarter net profit from a year earlier as the Spanish telecommunications giant highlighted the positive impact of Latin American currency fluctuations for the first time since early 2015.

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The Madrid-based company said Thursday that net profit rose to 779 million euros ($846.89 million) from EUR548 million a year earlier. The year-on-year results incorporate its U.K. business, which previously had been up for sale.

Revenue was EUR13.13 billion, up 5% from a year earlier.

Operating income, excluding depreciation and amortization, was EUR4.02 billion in the quarter compared with EUR3.8 billion.

Telefonica's net debt increased by EUR171 million in the first quarter from the fourth quarter of 2016 to EUR48.77 billion.

-Write to Jeannette Neumann at jeannette.neumann@wsj.com

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(END) Dow Jones Newswires

May 11, 2017 02:31 ET (06:31 GMT)