Telefonica Moviles posts 12.8% profit growth in first half

Spanish wireless operator Telefonica Moviles said first-half net profit rose 12.8% compared to the same period in 2005, helped by solid growth in several Latin American countries and improved domestic margins, according to an Associated Press report.

The report said Madrid-based Moviles' net profit stood at 1.05 billion euros ($1.33 billion) in the six months to June 30, up from 927.8 million euros ($1.17 billion) in the same period of 2005.

First-half revenue jumped 13.3% to 8.79 billion euros ($11.11 billion) from 7.76 billion euros ($9.7 billion) a year earlier, with revenue in Spain up 2.9% to 4.42 billion euros ($5.59 billion), the report said.

Moviles' operating income before depreciation and amortization rose 12.4% to 2.9 billion euros ($3.66 billion), the report added.

Telefonica Moviles is to be integrated back into the Telefonica group and delisted later this month.