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Vodafone's underlying earnings rise, losses through Luxembourg tax hit

Vodafone's underlying earnings rise, losses through Luxembourg tax hit
By Euronews with Reuters
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Mixed full-year results from Vodafone - underlying earnings rose 2.7%, but losses after taxation were 4.02 billion pounds.


Mixed results from Vodafone, the world’s second-largest mobile phone operator.

The British based company posted full-year underlying earnings – before interest, tax, depreciation and amortisation – that were up 2.7 percent at 11.6 billion pounds (14.8 billion euros).

But losses after taxation came in at 4.02 billion pounds (5.14 billion euros) in the year to the end of March.

That was mostly because of a large charge from the revaluation of its investments in Luxembourg.

#Vodafone dials up annual net loss due to #Luxembourg#tax charge

— Luxemburger Wort EN (@Wort_EN) May 17, 2016

The shares rose on Tuesday as investors focused on Vodafone’s forecast that its earnings growth would accelerate this year after a two-year 19 billion pound investment programme to improve its networks boosted demand in Europe, particularly in Italy and Germany.

Chief Executive Vittorio Colao said the programme had transformed the quality of the group’s technology and customer experience.

“I am confident we will sustain our positive momentum in the coming year, allowing us to maintain attractive returns for our shareholders,” he said.

UK operator Vodafone hailed its Project Spring investment programme as it report…

— Comvergent Limited (@Comvergent) May 17, 2016

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