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MEA, Spain, good for France Telecom

France Telecom's 1Q results make for interesting reading, with the firm's businesses in Spain and Middle East & Africa the only divisions to grow revenues year-on-year during the period.


The higher sales in Cote d'Ivory and Egypt are, perhaps, to be expected as some stability returns to the markets - particularly Egypt -, however the sales growth in Spain is notable, given the market is proving tough for all established players. Just look at Telefonica's increasing reliance on emerging markets as evidence.


France Tel's performance in both markets helped stave off increased competition in its domestic market from the launch of Free Mobile services in January, and the operator is confident it will achieve its 2012 target of operating cash flow around €8 billion.