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CORRECTED-Telefonica to take 438 mln euro hit after bolivar devaluation
February 15, 2013 / 6:56 PM / in 5 years

CORRECTED-Telefonica to take 438 mln euro hit after bolivar devaluation

(Corrects to bolivar not Bolivia in headline)

MADRID, Feb 15 (Reuters) - Spain’s Telefonica said on Friday the devaluation of the Venezuelan currency, the bolivar, would have a negative impact of 438 million euros ($584.8 million) on its 2012 earnings.

The 32 percent devaluation of the bolivar last week also meant Telefonica’s assets in Venezuela were now worth 1 billion euros less, the Spanish telecoms company said in a statement. ($1 = 0.7490 euros) (Reporting By Tomas Gonzalez; Writing by Paul Day; Editing by Julien Toyer)

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