Economy

Lower sales dents Q3 profit at Spain's Telefonica

MADRID (AP) — Spanish telecommunications company Telefonica posted a 21 percent drop in net profit in the third quarter following lower sales and the weakness of Latin American currencies against the euro.

Telefonica SA said Friday net profit in the July to September period was 1.09 billion ($1.46 billion) against 1.38 billion euros the year before. For the first nine months, profit dipped 9 percent to 3.15 billion euros.

The company said third-quarter revenue fell 10 percent to 14.1 billion euros while for the first three quarters it was down 8.4 percent at 42.6 billion euros. Telefonica said it had reduced net debt to 46.1 billion euros in September. That's already beaten the 2013 target of less than 47 billion euros.

Telefonica shares fell 1.1 percent to 12.22 euros in trading in Madrid

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