Telecoms company Telefónica, owner of O2 Ireland, reported a 20.6pc increase in first-quarter net income of €902m, up from €748m a year ago.
Revenue, however, dropped 8.8pc to €14.1bn in the quarter from €15.51bn last year.
For the second consecutive quarter, Latin America generated more than 50pc of the consolidated revenue (which totalled €14.14m) and for the first time Brazil became Telefónica’s biggest market in revenue generation.
By region, Telefónica Latinoamérica accounted for 51pc of consolidated revenue, reflecting a sustained organic growth of 6.8pc year-on-year underscored by the steady growth of the mobile business.
Telefónica Europe’s contribution to revenue fell to 47pc of the total.
Telefónica España’s contribution to revenue also declined, standing at 23pc of consolidated revenue.
Earnings per share also increased, by 22.2pc year-on-year, from €0.16 to €0.20.
Quarterly operating income before depreciation and amortisation or OIBDA totalled €4.57bn, down 10.1pc from the same period last year.
The company’s net debt stood at €51.81bn at the end of Q1, and included both non-recurring, and seasonal impacts.