India, Turkey help Vodafone stay on course
Booming business in India and Turkey helped Vodafone Group offset weaker European markets.
By Agencies |
LONDON: Booming business in India and Turkey helped Vodafone Group offset weaker European markets on Thursday as the British-based mobile phone giant set out its stall before a shareholder meeting on July 24.
Vodafone, the world’s second-largest mobile phone company by customers behind China Mobile, added 9.1 million subscribers in its first quarter to end-June, topping most expectations and taking its customer base to about 232 million.
Group revenues climbed 7.5% to £8.3 billion ($17.0 billion). Excluding acquisitions, organic revenue grew 4% as weakness in markets such as Germany and Italy cast a pall over a stronger performance in Spain and Britain.
Along with new assets in India and Turkey, where revenues surges by 50% and 32%, respectively, Vodafone’s US telecoms asset Verizon Wireless also put in another strong performance, adding 1.6 million new customers.
Vodafone’s chief executive Arun Sarin, who on Tuesday will face fresh shareholder pressure over the 45% Verizon stake, which is seen as a passive investment, said he continuously examined how to maximise value in the US.
Vodafone has come under renewed pressure from a small, activist shareholder, Efficient Capital Structures (ECS), to either spin off its stake in Verizon Wireless or create a tracker stock. Vodafone said it was not just waiting for the US business to reinstate a dividend around 2009.
Vodafone, the world’s second-largest mobile phone company by customers behind China Mobile, added 9.1 million subscribers in its first quarter to end-June, topping most expectations and taking its customer base to about 232 million.
Group revenues climbed 7.5% to £8.3 billion ($17.0 billion). Excluding acquisitions, organic revenue grew 4% as weakness in markets such as Germany and Italy cast a pall over a stronger performance in Spain and Britain.
Along with new assets in India and Turkey, where revenues surges by 50% and 32%, respectively, Vodafone’s US telecoms asset Verizon Wireless also put in another strong performance, adding 1.6 million new customers.
Vodafone’s chief executive Arun Sarin, who on Tuesday will face fresh shareholder pressure over the 45% Verizon stake, which is seen as a passive investment, said he continuously examined how to maximise value in the US.
Vodafone has come under renewed pressure from a small, activist shareholder, Efficient Capital Structures (ECS), to either spin off its stake in Verizon Wireless or create a tracker stock. Vodafone said it was not just waiting for the US business to reinstate a dividend around 2009.
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