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Vodafone takes big hit on Spain, Italy operations


February 19. 2013 5:03PM
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(AP) Mobile communications company Vodafone Group PLC has reported a six-month loss as it booked a big charge on its Spanish and Italian operations.


For the six months ending Sept. 30, Vodafone made a loss of 1.98 billion pounds ($3.18 billion), compared to a net profit of 6.68 billion pounds a year earlier.


Revenue fell 7 percent to 21.8 billion pounds largely because of adverse currency movements.


The company said Tuesday the 5.9 billion pounds ($9.4 billion) impairment charge for Spain and Italy reflected lower projected cash flows and increased discount rates.


Associated Press


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