Vodafone dials up 6.3B euro annual net loss
British mobile phone giant Vodafone logged an annual net loss of 6.3 billion euros ($6.9 billion) on Tuesday after slashing the value of its troubled Indian division.
The performance in the 12 months to March compared with a net loss of 5.4 billion euros in the previous financial year, it said in a statement.
Revenues declined 4.4 percent to 47.6 billion euros.
At the same time, however, operating profit excluding exceptional items almost tripled to 3.7 billion euros on the back of a painful cost-cutting drive.
In the first half, Vodafone initially took a non-cash impairment of 5 billion euros on its Indian activities and blamed a sharp increase in competition.
However in March, Vodafone announced the merger of its Indian unit with Idea Cellular in order to create India's largest telecoms operator and fight ultra-competitive new player Reliance Jio.
Following the deal, Vodafone added it had partially reversed the Indian impairment, but it still stood at 3.7 billion euros over the year.
The performance in the 12 months to March compared with a net loss of 5.4 billion euros in the previous financial year, it said in a statement.
Revenues declined 4.4 percent to 47.6 billion euros.
At the same time, however, operating profit excluding exceptional items almost tripled to 3.7 billion euros on the back of a painful cost-cutting drive.
In the first half, Vodafone initially took a non-cash impairment of 5 billion euros on its Indian activities and blamed a sharp increase in competition.
However in March, Vodafone announced the merger of its Indian unit with Idea Cellular in order to create India's largest telecoms operator and fight ultra-competitive new player Reliance Jio.
Following the deal, Vodafone added it had partially reversed the Indian impairment, but it still stood at 3.7 billion euros over the year.