Boosted by growth in Latin America, Telefonica said its revenue, in organic terms, grew 0.9% year-on-year in the first quarter of 2009 to 13.93 billion euros. Excluding the impact of regulatory measures, revenue growth would have reached 2.4%, Telefonica added.
Telefonica said that its Latin American operations contributed 2.1 percentage points of the organic growth, while it also saw healthy growth rates in the UK and Germany, excluding the impact of regulation, "driven by the increasing contribution from the mobile internet business." Capex in the first quarter was 1.19 billion euros (down -0.2% year-on-year in organic terms. source: Telefonica statement