Telefonica Deutschland, the German subsidiary of Spanish telecoms giant Telefonica, has posted strong growth for the first quarter of 2020, showing little signs of any effect of the current Covid 19 pandemic.
First quarter revenues were up by 3.8 per cent on 2019’s figures, standing at €1.846 billion. The vast majority of these revenues came from Telefonica Deutschland’s mobile business, which accounted for €1.65 billion, a year on year increase of 3.4 per cent.
“We have made a good start to the year, we are growing, and our network is getting stronger every day,” said Markus Haas, CEO of Telefónica Deutschland. “The coronavirus pandemic once again shows what a central role we play as a telecommunications provider for the people of this country, but also for our economy and society."
Last month, Telefonica announced that it was planning to sell off its telecoms tower infrastructure in Germany for a reported €1.5 billion.
The deal will see Telefonica’s German subsidiary, O2 Deutschland, sell off 10,000 telecoms sites across the country. The portfolio of towers will be purchased by European holding firm, Telxius.
Telxius currently manages a portfolio of 20,257 telecoms towers across Europe and is 50.01 per cent owned by Telefonica. The deal, which is reportedly a few weeks away from being finalised, would include a lease back arrangement which would allow Telefonica Deutschland to continue to use the towers in its German network.