Global turnover of the Vodafone group rose 6.8% in its third quarter



The mobile phone company Vodafone reported on Wednesday that its turnover in its third quarter of the fiscal year rose 6.8% compared to the same period last year.

In a statement sent to the London Stock Exchange, the company said that the group’s revenues stood between October and December at 11,750 million euros compared to 10,998 million euros recorded in the same period of 2018.

This increase reflected, the firm added, in the contribution of the acquisition of Liberty Global assets, which in part has offset the sale of Vodafone New Zealand.

Growth in most of the countries where it operates was offset by the continuing decline in Italy and Spain, due to greater competition in these two markets.

The turnover for Europe was 8,970 million euros in the third quarter, an increase of 10.1% over the same period last year, added Vodafone, which plans to publish its annual results in May (until March 31) .

Revenue from services in Spain fell 6.5%, reflecting a change in market demand towards the value segment and the decision not to renew unprofitable football rights.

The company reported that it has launched 5G in seven European markets and is making progress to reduce costs.

“I am satisfied with the pace with which we have executed our commercial and strategic priorities,” although “competition in Europe is still challenging,” said CEO, Read Read.

The manager stressed that he expects “good growth” in Africa and a “gradual improvement” in growth for the fourth quarter of his fiscal year, especially for the European market.

Vodafone also indicated that the legal separation of European tower infrastructure is underway in a new organization, which will be operational in May 2020, and hopes to incorporate it in Germany with its headquarters in the city of Düsseldorf.

.



Source link