Telefonica SA’s growth in Brazil will probably be strong enough for the telecommunications provider to withstand the country’s longest recession since the 1930s, according to Chief Operating Officer Jose Maria Alvarez-Pallete.
Telefonica is increasing its share in Brazil’s broadband market as it integrates GVT, the Internet operator acquired from Vivendi SA. The carrier has also manged to stabilize its fixed-lines operation in Sao Paulo, Pallete said.
“The economy won’t help, but the company is improving,” Pallete told reporters late Sunday in Santander, Spain. “We won’t change our plans. The current momentum will continue. We are optimistic toward the medium term.”