Boosted by 9% growth in its Latin American operations, Telefonica reported a 3% year-on-year rise in organic revenues to 13.7 billion euros for the first quarter of 2009. Although Telefonica's UK and German mobile businesses continued to grow, revenues in the group's Spanish mobile unit fell 9% to 2.17 billion euros, mainly as a result of lower handset, interconnection and voice usage revenues.
Telefonica's total capital spending fell 9% to 1.2 billion euros in the first quarter and the Madrid-based company reiterated its earlier guidance that revenues and operating income will increase between 1% and 3% in 2009. source: Telefonica statement
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