Vodafone India loss puts £6.7 billion dent in group revenues

0
439

UK arm of the business reported a loss of €182 million (£158.6m) in mobile customer revenues as Europe as a whole reports a 17.6 per cent loss in profit

Vodafone has reported a €7.8 billion loss for the first half of the 2019 financial year following the merger of Vodafone India with Idea Cellular.

Overall revenues for the six months ending September 30 stand at €21.796 billion (£19Bn), down from €23.075 billion (£20.11Bn) however guidance for full year earnings before interest, taxation, depreciation and amortisation stands at three per cent.

Total revenues for the UK came in at €3.397 billion (£2.96Bn), down on the year from €3.515Bn (£3.06Bn). Vodafone UK revealed that it added 181,000 contract customers in the first half of its financial year, growing from 59,000 a year ago and also increased its consumer broadband customer number by 97,000.

Vodafone group chief executive Nick ReadSaid: “Our performance in the majority of our markets has been good during the first half of the year, and we have taken decisive
commercial and operational actions to respond to challenging competitive conditions in Italy and Spain.

“We are on track to reduce net operating expenses for the third year running, and we are confirming the mid-point of our EBITDA guidance range, with an increased outlook for free cash flow generation.

“We expect that this will drive revenue growth, reduce churn and lower our European net operating expenses by at least €1.2 billion by FY2021.”

NO COMMENTS

LEAVE A REPLY