Vodafone narrows loss

29 May 2007

Vodafone Group has revealed that for the twelve months ending 31 March 2007 it grew revenue 6% year-on-year to GBP31.1 billion (USD61.7 billion) as well as slashing its operating loss to GBP1.56 billion from GBP14.08 billion and its net loss to GBP6.2 billion from GBP19.6 billion. The results were boosted by cost cutting in Europe and strong growth in emerging markets following recent acquisitions, including Turkey, Africa and Eastern Europe. The company’s overall proportionate customer base rose to over 206 million, and CEO Arun Sarin claimed that overall growth prospects remain strong following the USD10.9 billion purchase of India’s Hutchison Essar. In a press statement, Vodafone issued guidance for its current fiscal year, saying it forecasts group revenues to be in the range of GBP33.3 billion to GBP34.1 billion.

United Kingdom, Vodafone Group,

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