The first quarter of Telefonica, shareholder of Telecom Italia through Telco, has ended The company archives its financial statements with profits up 21% to 902 million., thanks to the best financing costs. Revenues, however, fell by 9% to 14,1 billion euros., in line with analysts' expectations. The company's financials are particularly affected by the weakness of European revenue, which contracted 12%.
Telefonica: Profits up 21%, but revenues fall
The Spanish company, a shareholder of Telecom Italia, closed the first three months of 2013 with profits up 21% to 902 million and revenues down 9% to 14,1 billion euros. The company's goal is to reduce its debt to 47 billion by the end of the year.
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