Telefonica earnings soar 84% in Q3

Spain's Telefonica reported that its third-quarter net profit rose more than 84%, boosted by the consolidation of recent acquisitions and one-time gains from the sale of directory company Telefonica Publicidad e Informacion, an Associated Press report said.

The Associated Press report said the Madrid-based Telefonica, the world's fourth-largest telecom operator by subscribers, posted a net profit of 2.61 billion euros ($3.35 billion) for the three months to September 30. In the third quarter of 2005, net profit was 1.42 billion euros ($1.82 billion).

Telefonica raised its projections for 2006 and now expects revenue to grow more than 37%, the report said.

Revenue grew 37% to 13.54 billion euros ($17.37 billion) from 9.87 billion euros ($12.5 billion) in the same period last year.

Former mobile phone unit Telefonica Moviles, traditionally the main contributor to the group's net profit, was incorporated into the parent company earlier this year.

This quarter is the first time the mobile assets were included in the parent company's earnings figures, the report further said.