Vodafone takes big hit on Spain, Italy operations

(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.