An adverse currency effect lastra Telefonica accounts in the first quarter – Investing.com Spain

MADRID (Reuters) – The Spanish multinational Telefonica (MC announced results that were in line with expectations and negatively affected by the currency effect while continuing solid growth at the operating level <. / p>

with the most attentive to “plan B” that the group prepares for possible regulatory ban on the sale of its British subsidiary O2 Hutchison (LON market, Telefónica found a drop in revenue of 6.6 percent and 6.7 percent of OIBDA in the first three months of the year.

“the impact could be positive for the good data from Spain and continued organic sales growth. However, eyes will be also put on possible messages that are offered on the process of selling O2 and route of deleveraging, “Sabadell (MC said in a note to clients.

the OIBDA amounted to 3,376 million euros and revenues to 10,784 million, in line with the provisions of analysts revenues of 10,856 million euros and OIBDA of 3,389 million.

Disregarding the currency effect and other extraordinary items, group said revenue grew 3.4 percent and 5.5 percent OIBDA. The exchange rate hit 529 million euros in OIBDA in the operator.

The net profit of the operator fell 56.9 percent to 776 million euros affected by an unfavorable comparison after the agreement for the sale of O2 in 2015.

Debt it increased slightly to 50,213 million euros, implying a ratio debt / OIBDA of 3.02 times, which would drop to 2.52 times if I could run selling O2.

“the results of the first quarter are aligned with our expectations for the year and allow us to reiterate our financial targets and dividend of 0.75 euros per share for 2016, “said the new president of the group, Jose Maria Alvarez Pallete, in a note.

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