Vodafone full-year profit down 11 pct

AP News
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Posted: May 22, 2012 3:20 AM
Vodafone full-year profit down 11 pct

Vodafone Group PLC has reported an 11 percent drop in full-year profit due to higher taxes and weaker operations in Europe.

The company said Tuesday that profit after tax in the year ending March 31 was 7 billion pounds ($11 billion), down from 7.87 billion pounds a year earlier.

Vodafone said earnings were also hurt by the sale of stakes in French mobile communications company SFR, Poland's Polkomtel, China Mobile Ltd. and SoftBank Mobile Corp. in Japan.

Revenue was up 1.2 percent to 46.4 billion pounds.

In Europe, revenue was down 1 percent with markets in Italy and Spain particularly weak. Revenue from Verizon Wireless in the United States rose 7 percent, and revenue from other regions was up 8 percent, led by a 20 percent gain in India.