Telefónica profits take heavy hit from Venezuela currency chaos

Spanish operator giant Telefónica has reported its earnings for 2014 and insisted things are headed in the right direction in spite of an annual drop in net profit of 35%. The blame for this fall was almost entirely placed at the feet of its Venezuelan operations, which recently had to endure a 69% devaluation of the local currency.

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Telefónica profit drops by more than half

Despite seeing stability in revenue over the course of the first quarter of 2012, Telefónica has seen its net income plummet to less than half of what it recorded in the same period last year. Revenue for the quarter stood at €15.51bn, a 0.5 per cent increase on the €15.44bn generated in the first quarter of 2011, while net income fell 53.9 per cent from €1.62bn to just €748m.


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