July 27, 2017 / 6:08 AM / in a year

Telefonica lifts revenue target despite Spanish weakness

MADRID, July 26 (Reuters) - Spanish telecoms firm Telefonica on Thursday lifted its revenue target for 2017 after its second-quarter earnings beat analysts’ forecast, helped by a buoyant Latin American business which more than offset persistent weakness in Spain.

It now expects revenues to grow by at least 1.5 percent year on year compared to a previous guidance of stable. It aims to increase its core profit margin by 1 percentage point.

Revenues rose 1.9 percent to 12.96 billion euros in the second quarter, above a 12.90 billion euros forecast, while core operating income before depreciation and amortisation (OIBDA) increased 6.1 percent to 4.16 billion euros, compared to the 4.02 billion euros expected in a Reuters poll of analysts.

This was mainly the result of a 23 percent jump in Brazil’s core profit, helped by a stronger real which compensated for a 1.6 percent fall in Spain and a 5 percent decrease in Britain where a weaker pound hit the local unit. (Reporting by Julien Toyer; Editing by Paul Day)

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