Vodafone 1Q Revenue +7.5%, India Boosts Subscribers
Published on: 18th Jul 2007
Note -- this news article is more than a year old.
LONDON (Dow Jones) Vodafone Group the world's largest mobile operator by revenue Thursday said first quarter group revenue had increased 7.5% driven by strong growth in its recently acquired Indian business.
The Newbury, England-based mobile phone company reported revenue for the three months to June 30, up 7.5% to GBP8.3 billion and said that new users had jumped 89.6% to 9.1 million from 4.8 million net additions the previous year.
Vodafone reiterated its current year guidance, adding that financial outlook in the quarter was inline with expectations.
Vodafone's total proportionate mobile phone customer base topped the 232 million mark at the end of the quarter, driven by strong growth in its recently acquired Indian Hutchison Essar business and Verizon Wireless, the U.S. mobile joint-venture that has lately received criticism from activist shareholders. Vodafone owns a 45% stake in Verizon Wireless, with Verizon Communications owning the remaining 55%.
"We have made a good start to the financial year, with a strong performance from the EMAPA (emerging markets) region offsetting continued challenging markets in Europe. We continue to make progress in the execution of our strategic objectives," said Vodafone Chief Executive Arun Sarin, in a statement.
"Our new Indian business has delivered strong growth in the quarter, with its integration into the Group progressing well. We are reiterating our guidance for the current financial year."
-By Daniel Thomas, Dow Jones Newswires; 44-20-7842-9264; firstname.lastname@example.org
(END) Dow Jones Newswires"