In addition to declining revenues, Vodafone closed its financial year closed at the end of March, with operating and tax losses.
The UK telecom company has cut its dividend after last year by 40 percent, and has announced that it will launch the 5G service in Britain in July.
The world’s second-largest mobile operator said Tuesday that group-level revenue fell 6.2 percent to € 43,666 billion. In the fiscal year ending at the end of March, an operating loss of EUR 951 million resulted from a profit of EUR 4,299 billion a year earlier.
Vodafone recorded a post-tax loss of EUR 7.644 billion after a profit of EUR 2,788 billion a year ago. The loss per share was 29.5 cents after a profit of 8.78 cents a year earlier.
Vodafone reduced the annual dividend from 15.07 to 9 cents per share.
The Company’s earnings before interest, tax and depreciation (EBITDA) increased organically, ie by 3.1 per cent in the fiscal year ended March, excluding acquisitions.
Vodafone’s net debt fell by 8.8 percent to EUR 27,033 billion.
Vodafone also announced on Tuesday that it will launch the 5G service in seven cities in Great Britain on July 3 and launch 5G roaming in Germany, Italy and Spain during the summer.
Vodafone’s exchange rate is down 3.75 percent on a closed Tuesday on the London Stock Exchange.