July 25, 2012 / 4:54 PM / 5 years ago

Spain's Telefonica H1 net profit falls 34.4 pct

MADRID, July 25 (Reuters) - Spanish telecoms giant Telefonica reported on Wednesday a 34.4 percent fall in its net profit for the first half of the year, to 2.1 billion euros ($2.55 billion).

Telefonica, which earlier announced it had canceled its dividend payment and share buy-back programme for 2012 and cut payouts to board members and top management, said it had all debt repayments covered until the end of 2013.

The company is under pressure to cut a 57-billion-euro debt pile.

$1 = 0.8248 euros Reporting by Julien Toyer; Editing by Sonya Dowsett

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