Spanish telecom giant Telefonica said Monday its second-quarter net profit more than doubled, boosted by a ¤1.3 billion (US$1.8 billion) capital gain from the sale of radio operator Airwave. The Madrid-based company raised its revenue growth target for 2007 to between 8 percent and 10 percent. Telefonica, the largest telecommunications company in Spain and Latin America, said net profit rose to ¤2.57 billion (US$3.50 billion) from ¤1.14 billion (US$ 1.55 billion) a year earlier. Operational income before depreciation and amortization, or Oibda, stood at ¤6.16 billion (US$8.40 billion) for the quarter, up 34.4 percent from ¤4.59 billion. Oibda is Telefonica's preferred measure of profitability. Revenue rose 6.5 percent to ¤14.08 billion (US$19.2 billion) from ¤13.22 billion in the same period last year. Telefonica's shares were up 0.6 percent at ¤17.11 (US$23.36) in morning trading in Madrid.
