(MENAFN) Spain's Telefonica reported a 34.7 percent plunge in net profits to USD3.4 billion in 2014, citing Venezuela's economic crisis and other exceptional costs, AFP reported.
The group's key measure of operating profit fell 18.7 percent to USD17.61 billion and turnover declined 11.7 percent to USD57.18 billion, Telefonica said in a statement.
"A period of intense transformation... has strengthened the company, its growth potential and its financial position in just over two years,'' Telefonica CEO said in the statement.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.