Vodafone profits down 53.5%

As £5.9 billion written off

19 May 2009 13:55 GMT / By Amy-Mae Elliott

Vodafone has revealed its last financial year's profit has dropped 53.5% as it posted "impairment" charges against its businesses in Spain, Turkey and Ghana.

The impairment charges were write-downs of £5.9 billion that pushed net profit down to £3.1 billion compared to £6.8 billion a year ago, while revenue - boosted by the decline of the pound - rose 16% to £41 billion.

Vittorio Colao, chief executive of Vodafone, said the recession was hurting Vodafone with customers making fewer calls and texting less, while businesses were also cutting back.

The telecom company also predicts "challenging" operating conditions in Europe in the 2010 financial year. Vodafone's stock is slightly down on the news.

Related
Full tags
Biz, Vodafone, Results
UK Shopping
Amazon.co.uk, play.com, pixmania.co.uk, Currys.co.uk, Dixons.co.uk, 7dayshop.com, ebay.co.uk
US Shopping
Amazon.com, bestbuy.com, ebay.com

share Subscribe to RSS feeds email story save story print story pdf

Comments

(Will not be published)

  (Next time sign in to bypass captcha)

Latest in Biz

Latest on Pocket-lint.com

About Pocket-lint

Pocket-lint is your one stop shop for gadgets, technology and consumer electronics, bringing you the low-down on the latest televisions, cameras, phones, GPS and much more. Whether it's learning about what's hot in the world of Apple, finding out about the latest home cinema kit from Samsung and Sony or merely seeing what not to buy, we have you covered. So check out our reviews, news, comment, hands-on photo galleries and videos. Enjoy.

Pocket-lint.com poll

Q. Do you want the Droid by Motorola?

Vote YES Vote NO

» LAST TIME
When asked Can iPhone games rival the PSP and DS? 52% said yes and 48% said no

Top 10 Broadband

Compare 50+
broadband packages

Home Broadband »

Top products

tip us on news

Rss feed

Follow us on Twitter