(MENAFN) Spain's telecom company Telefonica announced posting a net profit surge of 70.4 percent in the second-quarter period, reaching USD2.09 billion on a recovery in its domestic market.
Europe's third-largest phone company's revenues increased 12.3 percent to USD12.59 billion as Spain's economic recovery boosted demand for packages of broadband, TVs and phone services.
Telefonica has restructured its business in Spain by investing in improved networks, raising prices and focusing more on higher-spending clients, at it sought to reverse years of plunging revenues.
Fixed communications, which include high-margin optic fiber and pay-TV contracts, grew in the quarter, helping to offset a continued drop in its mobile phone business, where it faces fierce competition.
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