(MENAFN) British mobile operator Vodafone Group PLC posted an 11 percent decline in yearly profits on higher taxes and sluggish operations in Europe, AP reported.
The company said it made USD11 billion net profit in its fiscal year ending March 31, down from USD12.44 billion in the previous fiscal year. Revenue rose 1.2 percent to USD73.37 billion.
Revenue from Europe fell 1 percent with, as performance in Italy and Spain in particular was weak.
Revenue from Verizon Wireless in the US increased 7 percent, and revenue from other regions was up 8 percent, led by a 20 percent gain in India.
Earnings were also affected by the sale of stakes in French mobile communications company SFR, Poland's Polkomtel, China Mobile Ltd. and SoftBank Mobile Corp. in Japan, Vodafone said.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.