Telefonica 2Q Net Profit Rises 18%

Telefonica SA (TEF) posted an 18% increase in net profit in the second quarter from a year earlier as the Spanish telecommunications giant also made some progress chipping away at its debt pile.

The Madrid-based company on Thursday said second-quarter net profit was 821 million euros ($963 million) versus 693 million euros a year earlier.

Revenue in the second quarter was 13 billion euros, a 1.9% increase from the year-earlier period. Telefonica said it was upgrading its revenue guidance to increase by more than 1.5% in 2017 from a previous guidance of stable growth for the year.

Operating income excluding depreciation and amortization was 4.2 billion euros in the quarter versus 3.9 billion euros a year earlier.

Telefonica's net debt decreased by 279 million euros in the second quarter from the first quarter to 48.49 billion euros. That reduction was thanks to free-cash-flow generation and the lower value in euros of the net debt in foreign currencies, the company said.

Write to Jeannette Neumann at

(END) Dow Jones Newswires

July 27, 2017 02:08 ET (06:08 GMT)