Thursday, May 13, 2021

Telefónica's net profit rose 118.3% in first quarter due to lower costs and a lesser impact of Covid-19

It reached € 886 million, also in response to a stable operating cash flow and to the evolution of exchange rates compared to those recorded by the end of 2020. Revenues fell 9% year-on-year. Hispam contributes 19% of the group's sales, and Brazil, 16%.

Telefónica presented its financial results for the January-March period, which show an increase of 118.3%, to € 886 million. The increase is based on the efficiency of the management -reduction of costs of 9% and stability of the operating cash flow-, although it also shows a lower impact of the pandemic and the evolution of exchange rates. Regarding revenues, they were down 9% year-on-year, to € 10.340 billion.

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