Global telecoms giant Telefónica has reported a net profit of €3.9bn for 2012 – a 27pc decline – which it said was due to the adjustment of the value of its stakes in Ireland (O2) and in Telecom Italia.
The value of the write-offs totalled €2.5bn. Telefónica said its operating income before depreciation and amortisation (OIBA) was affected by an adjustment of €527m in relation to its Irish operations.
The Madrid-headquartered company reported revenues totalling €62.5bn, a 0.8pc decrease affected by averse conditions in certain markets, it said.
The conditions it said were both economic and competitive and due to what it described as the ‘negative effect of regulation’.
The company’s total access base rose by 3pc year-on-year to reach 315.7m subscribers, driven by new contract customers and fixed and mobile subscriptions.
Telefónica’s Latin American divisions buoyed up the company with a 6pc increase in subscribers.