Telefonica mobile arm has a fiesta

Ole! Profits up 71 per cent...

Telefonica Moviles' profits increased by almost three-quarters in Q3 2001 compared to the same period last year. Third quarter net profits for the three months leapt by 71 per cent, as sales in Spain rose against slower growth in Latin America. Overall, total revenue was E2.2bn (£1.4bn) - a rise of 10 per cent. Total profits for the quarter were E291.4m (£179m) or seven cents per share against E170m (£104m) or four cents per share one year ago. The results surprised analysts who had not expected profits to be more than E225m (£138m).