Vodafone profit almost trebles to 8.6 billion pounds

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British mobile phone giant Vodafone on Tuesday announced that group net profits almost trebled to 8.645 billion pounds (10.1 billion euros, 12.5 billion dollars) in the 12 months to March 31.

The sharp jump in earnings, which compared with profit after tax of 3.078 billion pounds in 2008/09, came as Vodafone cut costs and increased sales of its broadband Internet services.

"We have made significant progress in implementing our strategy," Vodafone chief executive Vittorio Colao said in comments accompanying the earnings data.

"We now generate 33 percent of service revenue from products other than mobile voice reflecting the shift of Vodafone to a total communications provider.

"In particular, mobile data and fixed broadband services continue to grow while we increased the contribution being made by our operations in emerging economies, primarily by gaining market share.

"We have reduced costs and working capital to manage better in the recessionary environment while maintaining investment in our networks," he added.

© 2010 AFP

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