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Telefonica Reports a Net Profit of 2,117.1 Million Euros to September; Stripping out the impact of the headcount reduction program in Telefonica de Espana, net income would have advanced 25.4% to 2,526 million euros.

Article Excerpt
MADRID, Nov. 11 /PRNewswire/ -- Results for the first nine months of the year show the sales drive made in all Telefonica Group businesses, resulting in solid growth in the customer base and in progress on operating efficiency and profitability. Revenues grew 5.2% year-on-year, operating efficiency was 44.7% and income per share rose 5.9%.

At 30 September, total customers, both for fixed and mobile telephony and pay TV, including the customers of BellSouth's Latin American operators, amounted to 115 million.

This growth was largely due to strong commercial activity at Telefonica Moviles, which recorded net adds of 3 million customers in the last quarter and 11 million in the last year, achieving a total managed customer base of 58.8 million at 30 September. The Telefonica Group has 71.9 million customers, including those of BellSouth's Latin American operators, of which 50.6 million come from Latin America.

ADSL connections in Spain and Latin American at 30 September 2004 amounted to 3.4 million, year-on-year growth of 62.4%. In Spain there are 2.2 million (1.4 million twelve months ago), giving the company an estimated 73.5% share of the broadband market. The Telefonica Group's retail ADSL customers in Spain total 1.7 million, an estimated 58.1% share of the total market. In Latin America, the number of ADSL connections has risen by 85.1% since September 2003 to 1.2 million, of which 0.7 million are in Brazil (Telesp, 0.4 million in September 2003).

Free cash flow generation (EBITDA-CapEx) in the first nine months of 2004 was 7,397.7 million euros, up 6.6% on the same period of last year,...

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