Telefonica said that its revenues rose 0.9% year-on-year in organic terms to 30.89 billion euros in the first half of 2011, down from 1.4% in the first quarter. Revenues in Latin America rose 5.6% offsetting a 6.1% fall in Spain.
César Alierta, Executive Chairman, said: "The outstanding performance in Brazil consolidates our leadership in a market which will soon become Telefónica's main source of revenue, and where the integration of the fixed and mobile businesses will allow the Company to capture synergies of 3,700-4,600 million euros, a significantly larger amount than initially forecasted." source: Telefonica statement
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