Vodafone closes the first half with a net loss of 2,47 billion euros, plummeting compared to the net profit of 8,3 billion recorded in the same period last year. On the accounts of the British group, the world's leading mobile operator by turnover, write-downs of 9,4 billion euro linked to the worsening of the economic situation in Spain and Italy, where users are saving on phone calls. The company also announced a £1,5 billion share buyback programme, which will be funded through Verizon's £45 billion dividend.
“We continue to make progress towards the strategic objectives we have set ourselves, with good growth in emerging markets – commented the general manager of the group, Vittorio Colao -. The short-term results, on the other hand, reflect the difficult conditions of the markets, particularly in southern Europe”.
In the first half, revenues reached £21,78 billion, down 7,4% year-on-year, while EBITDA rose to £6,2 billion (+8,5%). For the full year, the British telecommunications giant expects an ebitda between 11,1 and 11,9 billion pounds.
Vodafone suffered from reduced call numbers in southern Europe, weakening currencies in its core markets and slower still-robust growth in emerging markets such as India and South Africa.
