Business News
Vodafone net profits halved on back of write-downs
May 19, 2009, 7:45 GMT
London - British mobile phone operator Vodafone's full-year net profit halved on the back of write-downs, according to company figures released Tuesday.
Profits fell by by 54.4 per cent to 3.08 billion pounds (4.7 billion dollars) by revenue in the fiscal year ending in March, the world's biggest mobile phone group, by profits, reported.
Vodafone had to write down 5.9 billion pounds in the value of its operations in Spain, Turkey and Ghana. Sales revenue increased by 15.6 per cent to 41 billion pounds as a result of acquisitions in India, Italy and Spain.
The company now wants to accelerate its cost-cutting programme, it added.
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