Telefonica SA (TEF.MC) said Thursday that its third-quarter net income fell compared with the year-earlier period as it made some progress chipping away part of its debt pile.
Net profit fell by 14.7% to 839 million euros ($992.5 million) from EUR983 million a year earlier. The year-on-year results incorporate its U.K. business, which previously had been up for sale.
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Revenue was EUR12.75 billion, down 2.5% from a year earlier. Operating income before depreciation and amortization decreased 1.9% to EUR4.1 billion.
Telefonica's net debt decreased by EUR1.27 billion in the third quarter from the second quarter of 2017 to EUR47.22 billion. The reduction was helped by a strong free cash-flow generation from the period from January to September--which marked a 39% increase year-on-year, the company said.
The Spanish telecommunications giant also said debt will be further reduced by an additional EUR1.28 billion in the fourth quarter after the closing of a 40% stake in Telxius sale.
The company also reiterated its 2017 guidance and dividend.
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(END) Dow Jones Newswires
October 26, 2017 02:31 ET (06:31 GMT)