LONDON -(Dow Jones)- Vodafone Group, Europe's largest mobile telecommunications company, Monday said it added 4.5 million users in the first quarter as growth in Europe and the Middle East helped push its subscriber base over 186.8 million.
Vodafone's first-quarter net new subscribers on a proportionate basis rose 8.7% to 4.5 million in the three months ended June 30, compared with 4.14 million the previous year. Proportionate growth includes Vodafone's subsidiaries that aren't wholly owned.
The figure beat analysts' expectations of net additions of 4.101 million for the quarter.
The company said organic revenue growth from mobile operations, excluding the impact of acquisitions, disposals and currency fluctuations, was 4.5%. Proportionate organic revenue growth was 6.4%.
Subscriptions to Vodafone's 3G services also increased in 1Q with 1.3 million buying 3G devices.
Vodafone Chief Executive Arun Sarin is coming under increasing pressure from shareholders, dismayed at the underperformance of the company's share price under his leadership. Friday Morley Fund Management, the fund management arm of UK insurer Aviva PLC, said it won't vote for his reelection at the company's annual shareholder meeting Tuesday. Other fund managers are likely to follow suit, according to weekend press reports.
Sarin said in Monday's statement: "This is a robust operating performance in testing markets with revenue for the quarter in line with expectations."
Shares closed Friday at 111.25 pence.
Company Web site: http://www.vodafone.com
- By Daniel Thomas, Dow Jones Newswires; 44-20-7842-9264; dan.thomas@dowjones.com
(END) Dow Jones Newswires "
Posted to the site on 24th July 2006
Posted to: www.cellular-news.com/story/18434.php