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Telefonica upbeat despite drop in profits due to Venezuelan crisis

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Telefonica upbeat despite drop in profits due to Venezuelan crisis

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Telefonica, Spain’s largest telecoms company, is experiencing a period of growth, despite announcing a fall in profits in the three months to December last year.

The company says the 14 percent fall is a result of the economic crisis gripping Venezuela and a reduction in the value of its assets in the country.

The Telefonica strategy for the future is to play big in fewer markets.

The phone giant is to concentrate efforts in Brazil, Germany and Spain having pulled out of the Czech Republic, Ireland and the UK.