• Sunday, May 22, 2022

Business

Vodafone loss doubles on India woes

Vodafone Idea reported a net loss late Thursday (14) £5.51 billion in July-September as it factored in a $4 billion bill levied by Indian authorities.

By: Eastern Eye Staff

BRITISH mobile phone giant Vodafone today (November 15) said its first-half net loss doubled to more than €5 billion owing to a huge writedown for its Indian unit. But a return to growth for its European operations helped Vodafone to post a hefty underlying profit, albeit slightly smaller compared with a year earlier. Vodafone said its loss after tax soared to €5.1 billion ($5.5 billion) in the six months to the end of September compared with a net loss of €2.5 billion one year earlier. Vodafone said it was hit by a gross impairment charge of €6.4 billion – or…

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