UPDATE 2-Telefonica lifts revenue forecast as Spanish market turns corner

jueves 30 de julio de 2015 10:51 GYT
 

* Sees 2015 revenues up over 9.5 pct vs previous 7 pct

* Spanish revenues stabilised in May and June

* Group OIBDA rises 7 pct in Q2, net profit jumps 70 pct

* Acquisitions pressure margins, but higher synergies seen (Adds details on Spain, synergies in Brazil and Germany, COO comments)

By Julien Toyer and Andrés González

MADRID, July 30 (Reuters) - Spanish telecoms group Telefonica raised its 2015 revenue forecast after it reported strong second-quarter results on Thursday, saying its problematic home market was beginning to return to growth.

The company has seen Spanish revenues fall for the past six years as the country has been mired in an economic downturn for much of that time; its home market now accounts for 25 percent of group revenue, compared with 36 percent in 2008.

However the economy has been recovering since mid-2013 and Telefonica has spent the last three years restructuring its business and investing in new networks, putting it on a firmer footing.

Telefonica said price hikes implemented in May translated into a long-awaited "revenue stabilisation" towards the end of the quarter and that it expected Spanish revenue to rise in the second half of the year.   Continuación...