Telefónica, the Spanish telecommunications group, on Friday sounded a cautious note on 2010 as it reported a 2.4 per cent year-on-year increase in net profits to €7.7bn for last year.
The company, the world’s third-biggest telecoms operator by customer connections, reiterated its guidance for this year – but qualified the basis of growth targets by stripping out a series of one-off items which flattered the 2009 numbers.
To read this report in The Financial Times in full, see: www.ft.com/cms/s/0/fd504b5e-22aa-11df-8942-00144feab49a.html
Read the rest of this entry »