Verizon wireless - "Record £14.9bn loss at Vodafone"

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"Record £14.9bn loss at Vodafone"

John Navas

2006-05-30, 5:48 pm

Vodafone made a £14.9bn ($27.9bn) loss last year - a record for a UK
firm - after writing down the value of assets.

It incurred one-off costs of more than £23.5bn after revaluing its
German business Mannesmann, which it bought in 2000 for £112bn
($183bn at the time).

The firm said it would also cut 400 jobs as part of a move to reduce
costs.

Excluding one-off costs, Vodafone made a £8.8bn profit and it said
its overall performance had exceeded expectations, after adding 21
million new customers.

...

However, Vodafone gave a vote of confidence to its US joint venture
business Verizon Wireless, which some analysts want it to sell.

Verizon Wireless's market share grew to 25% in the US, as it added
more than three million new customers, while Vodafone's share of
profit from the business rose by more than 21%.

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