Spain's Telefonica posts first loss in 9 years
12 November 2011 @ 18:00
MADRID (AP) — Spanish telephone company Telefonica said Friday it lost €429 million ($584 million) in the third quarter, its first quarterly loss in nine years, after hefty costs laying off workers in Spain's moribund economy.
It compared to profits of euro5.1 billion in the same period of 2010, although that figure included a one-off gain from Telefonica's takeover of Brazilian cell phone company Vivo.
Telefonica said the third quarter 2011 results included costs of euro1.87 billion in compensation for workers being laid off in Spain.
Read the full article at Associated Press/Google
Permalink
Please leave a comment about this post. You don't have to be registered to leave a comment.