Telefónica's results for the April-June period showed a 4.5% decrease in net profit, to € 862 million. If you consider the entire first semester, there was an increase of 2.8% to € 1.787 billion. The company based the decline in a negative impact of exchange rates, especially due to the depreciation of the Brazilian real and the Argentine peso against the euro: in the second quarter the currencies reduced the annual growth of income by 4.1 percentage points (pp).

On the other hand, Argentina's inflation adjustment impacted the results of the first semester group (+€ 52 million, -€ 8 million in OIBDA and -€ 122 million in operating results).

The balance for the second quarter also reflects the output of three operations sold by Telefónica: Guatemala, Nicaragua and Antares. It implied a reduction in the access park of 6.8 million, capital gains of € 284 million (Nicaragua represented € 186 million) and a contraction of 0.5 p.p. of the reported annual growth of revenues.

Telefónica's revenues remained practically stable at € 12.142 billion. The Hispam South region (Argentina, Uruguay, Chile and Peru) reported revenues of € 1.743 billion (+17.6%), following an increase in Argentina (+47.8%) and Uruguay (+5.7%): Service revenues showed a 17.8% rise to € 1.519 billion and OIBDA stood at € 495 million (+18.6%).

In Hispam North (Colombia, Mexico, Central America, Ecuador and Venezuela), revenues showed a 0.2% increase to € 1.014 billion: service revenues decreased 0.3% to € 859 million and OIBDA fell 13% to € 261 million.