Telefonica books $59 million net loss in second quarter on currency swings

MADRID: Spanish telecom giant Telefonica booked a net loss of 51 million euros ($58.93 million) in the second quarter due to currency swings and capital impairments on assets sold in Latin America.

The company’s net loss during the quarter compared with a 417 million euro net profit in the same period a year ago.

Its overall revenue in the quarter fell 3.7% to 8.95 billion euros, it said, mainly because of the depreciation of the Brazilian real against the euro.