Home Business NewsBusiness Vodafone reports huge annual loss

Vodafone reports huge annual loss

16th May 17 10:01 am

Bad news?

Vodafone has reported a huge annual loss of 6.1bn euros (£5.2bn). This came about partly due to a write-down in the value of its Indian business.

The mobile phone giant currently operates in 26 countries. It wrote down the value of its Indian business by 3.7bn euros. This was after a major price war which occurred last year.

Vodafone has also said how its faced a disappointing year in the UK.

Chief executive Vittorio Colao said a £4.6m fine which came from Ofcom was “the worst moment” for the business and its customers.

The fine was put in place due to “serious breaches” of consumer protection rules. This meant that customers were losing money.

Colao said on Tuesday: “The operational issues are essentially resolved. I don’t call it rock bottom.

“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.”

Leave a Comment


Sign up to our daily news alerts

[ms-form id=1]