Telefonica’s first-quarter net profit fell 23 per cent to €692 million with revenues falling 14 per cent to €12.2 billion, despite the company increasing its pay-TV subscribers.

To improve its results in Spain, Telefonica is relying on the expansion of its fibre optic network and has almost doubled the number of subscribers with the premium service to 701,000 customers at the end of March, up 108,000 in comparison with the same period last year.

The company is now reaching 4.1 million homes with FTTH and aims to extend it to 7.1 million by the end of the year. As for the pay-TV service Movistar TV, the company has added 58,000 new clients, up 11 per cent, to 730,000 pay-TV subscribers. Now, with the acquisition of the majority of stakes in Canal Plus, Telefonica has become the market leader in the pay-TV business in Spain controlling 80 per cent of the market.

“We are making important investments, accelerating the modernization of our networks”, said Telefonica Chairman, Cesar Alierta.

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