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Telefonica's net profit increased 10.6% despite a decrease in revenues due to depreciation of the Argentine peso and the Brazilian real

The Spanish operator reported a net profit of € 926 million between January and March. Revenues totaled € 11.979 billion: in organic terms this implies a 3.8% increase but in reported terms there was a 1.7% decrease due to variations in exchange rates, especially in the two Latin American countries. The Brazilian operation showed a 5.2% decrease in revenues, that of Hispam Sur (Chile, Argentina, Peru and Uruguay), of 12.1%, and that of Hispam Norte (Colombia, Mexico, Central America, Ecuador and Venezuela), continued stable.

Telefónica recorded revenues of € 11b979 million in the first quarter, which implies a 1.7% year-on-year decrease, due to the depreciation of currencies, as highlighted by the company's report, in Argentina and Brazil, against the euro. In organic terms, revenues increased 3.8% thanks to an improvement in service revenues (+2.6%) and terminal sales (+15.6).

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