Spanish telecoms giant Telefonica has released its financial results for the three- and nine-month periods ended 30 September 2012, revealing an increase in net profit of more than 26% year-on-year in 9M 2012. For the nine-month period under review Telefonica posted a consolidated net income of EUR3.455 billion (USD 4.43 billion), while third quarter net income stood at EUR1.380 billion, having swung from a loss of EUR429 million in 3Q 2011. In presenting its results, the Spanish company noted that ‘results in the third quarter of the year showed significant progress in priority areas’, pointing specifically to sequential operating income before depreciation and amortisation (OIBDA) growth across all of its regions of operation, which it said reflected cost-reduction strategies
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OVETEL Cost-cutting helps Telefonica post net profit increase in 9M 2012
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