Vodafone cuts its losses


Vodafone cuts its losses

Vodafone has narrowed its losses during its last financial year, reporting a 33% increase in revenue for 2003.

Vodafone said that its net loss for its financial year 2003 totalled £9.8bn, compared with a net loss of £16.2bn last year.

The mobile carrier said it beat its own expectations for the year, with profits before taxes, goodwill and amortisation increasing 36% to £8.4bn compared with £6.2bn for its 2002 financial year.

Revenue for the year jumped 33% to £30.4bn compared with £22.8bn the previous year.

Vodafone pinned its results on an increase in revenue from data services, which grew 73% during the year to £3.6bn, and an increase in its customer base.

Europe's largest mobile phone operator said that it now has 119.7 million registered customers, 18.6 million more than it did at the end of last year.

During its financial year 2003, Vodafone increased its holdings by acquiring the remaining minority stakes in Vodafone Germany and Vodafone Spain, and acquired an additional 15% stake in Groupe Cégétel.

The company also launched its Vodafone Live! internet messaging and video camera service and other offerings including roaming and high-usuage services for business travellers.

Scarlett Pruitt writes for IDG News Service

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