Vodafone earns record profit of 13 billion pounds
Mobile telephone giant Vodafone headed by NRI entrepreneur Arun Sarin is set to unveil a record profit of 13 billion pounds this year achieved on the back of its foray into India, a media report said here today.
By PTI |
LONDON: Mobile telephone giant Vodafone headed by NRI entrepreneur Arun Sarin is set to unveil a record profit of 13 billion pounds this year achieved on the back of its foray into India, a media report said here today.
The company is expected to post group earnings before interest, tax, depreciation and amortisation (EBITDA) of around 13.2 billion pounds, up from 11.96 billion pounds last year, the Sunday Telegraph reported.
Vodafone achieved record profits of 12.64 billion pounds in 2004 but is expected to have benefited from last year's acquisition of India's Hutchinson Essar and increased data growth.
The profits will serve to vindicate Sarin's position as chief executive. Two years ago Sarin came under sustained attack from Vodafone's top institutional investors who voted against his re-election to the board.
At that time, the investors accused him of being too quick to spend millions of pounds on foreign acquisitions.
Sarin survived the challenge and has won over investors with a string of purchases in fast-growing markets such as India, Turkey and Eastern Europe to offset sluggish top lines in mature markets such as Britain and Germany.
The company is expected to post group earnings before interest, tax, depreciation and amortisation (EBITDA) of around 13.2 billion pounds, up from 11.96 billion pounds last year, the Sunday Telegraph reported.
Vodafone achieved record profits of 12.64 billion pounds in 2004 but is expected to have benefited from last year's acquisition of India's Hutchinson Essar and increased data growth.
The profits will serve to vindicate Sarin's position as chief executive. Two years ago Sarin came under sustained attack from Vodafone's top institutional investors who voted against his re-election to the board.
At that time, the investors accused him of being too quick to spend millions of pounds on foreign acquisitions.
Sarin survived the challenge and has won over investors with a string of purchases in fast-growing markets such as India, Turkey and Eastern Europe to offset sluggish top lines in mature markets such as Britain and Germany.
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