May 16, 2017

Vodafone reports hefty loss after hit from Indian unit

Vodafone has reported an annual loss of 6.1bn euros, due partly to a big write-down in the value of its Indian business. The mobile phone giant, which operates in 26 countries, wrote down the value of its Indian unit by 3.7bn euros after a major price war broke out last year. Vodafone also admitted it had suffered a disappointing year in the UK. Chief executive Vittorio Colao said a £4.6m fine from Ofcom was "The worst moment" for the firm and its customers. "The worst moment was six months ago. Six to nine months ago we were receiving twice the number of complaints. I was personally receiving complaints." Despite Vodafone reporting the hefty loss, its shares rose 3.3% to 218p as investors appeared impressed with a strong outlook.

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