Telefonica Net Income Soars But First Quarter Sales Slip
Umer Jamshaid Published May 13, 2021 | 02:00 PM
Madrid, (UrduPoint / Pakistan Point News - 13th May, 2021 ) :Spanish telecoms giant Telefonica saw its first quarter net income soar 118 percent, largely on lower costs, even as pandemic-affected sales slipped nine percent.
Net income reached 886 million Euros ($ 1.07 billion), the group said in a statement.
"These results show the resilience of the company's business model and the effectiveness of the management, focused on cost reduction and stable operating cash flow," Telefonica said in a statement," adding they "also reflect the lower impact of the effects of the pandemic and the evolution of exchange rates compared to the end of 2020." Telefonica is in the throes of a major restructuring plan which has to date seen it cut staffing levels by 1.
3 percent to 112,543.
The group said it had "improved efficiency" with digital sales up 37 percent in its four main markets -- Spain, Germany, UK and Brazil, which between them contributed 78 percent of revenues.
The group also said it had cut net debt 6.4 percent year-on-year to 35.8 billion euros, adding it had reduced by almost 44 percent financial costs stemming from servicing it.
Although sales slipped back to 10.3 billion euros the group said it forecast a gradual recovery in all its markets with figures that it said put it "on track to meet the financial targets set for 2021."
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