Vodafone dials up annual net loss

AFP, LONDON: British telecoms giant Vodafone yesterday said it tumbled into a net loss last year, hit by a large tax charge in Luxembourg, restructuring costs and unfavourable currency moves.
Losses after taxation stood at £4.02 billion ($5.78 billion, 5.10 billion euros) in the year to the end of March, Vodafone said in a results statement.
That contrasted with a net profit of £5.76 billion in the previous 2014/2015 fiscal year.
Vodafone added that it took a vast £3.2-billion charge arising from the tax treatment of the revaluation of its investments in Luxembourg.
However, underlying profit -- or earnings before interest, tax, depreciation and amortisation (EBITDA) -- grew 2.7 per cent to £11.6 billion.
Revenues dipped 3.0 per cent to £40.97 billion last year, but rose by 2.3 per cent on an organic basis.
"This has been a year of strong execution for the group, returning to organic growth in both revenue and EBITDA for the first time since 2008," said chief executive Vittorio Colao in the earnings release.

Vodafone dials up annual net loss

AFP, LONDON: British telecoms giant Vodafone yesterday said it tumbled into a net loss last year, hit by a large tax charge in Luxembourg, restructuring costs and unfavourable currency moves. Losses after taxation stood at 4.02 billion ($5.78 billion, 5.10 billion euros) in the year to the end of March, Vodafone said in a results statement. That contrasted with a net profit of 5.76 billion in the previous 2014/2015 fiscal year. Vodafone added that it took a vast 3.2-billion charge arising from the tax treatment of the revaluation of its investments in Luxembourg. However, underlying profit -- or earnings before interest, tax, depreciation and amortisation (EBITDA) -- grew 2.7 per cent to 11.6 billion. Revenues dipped 3.0 per cent to 40.97 billion last year, but rose by 2.3 per cent on an organic basis. This has been a year of strong execution for the group, returning to organic growth in both revenue and EBITDA for the first time since 2008, said chief executive Vittorio Colao in the earnings release.