Spain's Telefonica said Friday that its profits soared amid increased demand for phone services.
The Spanish telecommunications giant said net profit for the third quarter rose 53 percent to $1.66 billion, while sales increased by 32 percent to $11.75 billion.
In addition, the company revised up its sales growth to 15 percent from a year ago, above the 12-percent increase it had initially anticipated.
Earlier this month Telefonica bought out British mobile carrier O2 for over $31 billion in order to beef up its wireless services.
Copyright 2005 by United Press International
Explore further: Telefonica eyes sale of minority stake in Britain's O2