Brazil’s Telefonica posts 9% increase in second-quarter net profit

SAO PAULO: Brazil’s Telefonica reported on Monday an 8.9% increase in its second-quarter net profit to reach 1.22 billion reais ($217 million) for the period, compared to the same quarter last year.

Analysts polled by LSEG expected a quarterly profit of 1.33 billion reais.

The firm, which is controlled by Spain’s Telefonica , is the largest provider of mobile phone service in Brazil based on the number of total accesses, according to data from local telecom regulator Anatel.