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30/05/2006
Vodafone announces record loss
Mobile phone company Vodafone has announced a loss of nearly £14.9 billion, the biggest loss ever made by a UK firm.
The announcement comes after the company wrote off around £23.5 billion after revaluing its German business Mannesmann, which Vodafone acquired in 2001 in a deal worth over £100 billion.
Vodafone announced that 400 jobs would be cut at its headquarters in Newbury in order to help reduce costs.
However, excluding the one-off costs, Vodafone reported a profit of £8.7 billion for the year to March 31, which was an increase from £7.8 billion the previous year.
Vodafone chief executive Arun Sarin said: "Vodafone has met or exceeded expectations, outperforming its competitors in an increasingly challenging marketplace."
However, Mr Sarin has come under increasing pressure as mobile phone companies face declining sales growth and face challenges to expand into new areas such as fixed-line internet services.
Vodafone has sold its Japanese business for £8.9 billion and a new strategic focus, introduced in April, plans to concentrate on markets in emerging markets in countries such as India, while reducing costs in some European markets where growth is slowing.
(KMcA)
The announcement comes after the company wrote off around £23.5 billion after revaluing its German business Mannesmann, which Vodafone acquired in 2001 in a deal worth over £100 billion.
Vodafone announced that 400 jobs would be cut at its headquarters in Newbury in order to help reduce costs.
However, excluding the one-off costs, Vodafone reported a profit of £8.7 billion for the year to March 31, which was an increase from £7.8 billion the previous year.
Vodafone chief executive Arun Sarin said: "Vodafone has met or exceeded expectations, outperforming its competitors in an increasingly challenging marketplace."
However, Mr Sarin has come under increasing pressure as mobile phone companies face declining sales growth and face challenges to expand into new areas such as fixed-line internet services.
Vodafone has sold its Japanese business for £8.9 billion and a new strategic focus, introduced in April, plans to concentrate on markets in emerging markets in countries such as India, while reducing costs in some European markets where growth is slowing.
(KMcA)
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