Vodafone Slammed in Europe for 3rd quarter 2006

[Barry]

Vodafone Group reported ongoing weakness in its European operations, but tried to cover up the losses by saying its US and emerging markets are doing well. The company reported an overall loss for the third quarter of about $5.8 billion, mostly due to an impairment charge affecting its German and Italian operations.

Vodafoner’s organic growth rate was around 4 percent. In Western Europe, Germany continued to be the largest contributor to the company’s revenues, generating about $3.6 billion—however, that was a loss of 3 percent from the same period in 2005. Spain was a bright spot, with revenues up more than 15 percent to about $2.9 billion. Organic data revenue growth was about 30 percent with most of the growth coming from Europe.

Revenue growth was up 20 percent overall for Vodafone operations in Eastern Europe, the Middle East, Africa, Asia and the Pacific. Vodafone reported a total customer base of nearly 192 million.

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