The Spanish telecommunications company Telefónica reported on Thursday pre-tax first quarter profits of €728 million ($781 million), versus the €516 million seen a year ago.
This was primarily attributed to €45 million share of profit from investments in the latest quarter compared with €188 million loss in the previous-year quarter.
Earnings before interest, taxes, depreciation, and amortization or EBITDA grew 1.9% to €3.205 billion. Net profit increased to €532 million or €0.08 per share from €298 million or €0.04 per share last year.
Excluding one-time items, adjusted earnings per share were €0.10, up from €0.09 a year ago. Revenue for the quarter increased to €10.140 billion from €10.045 billion in the previous year.
Telefónica ratified a dividend of €0.30 per share for 2024 payable in two installments of €0.15 per share in December this year and June 2025.
Additionally, Telefónica said it signed a non-binding MoU with DIGI for a long-term mobile network agreement in Spain. For the full year, the company continues to expect revenue to grow about 1% and EBITDA to increase between 1% and 2%.