Mobile phone giant Vodafone said today that first-half group revenue rose 9% to £17 billion sterling as it won over millions of India-based customers.
Net profit stood at £3.29 billion during the six months to September 30, compared with a loss of £5 billion in the first half of 2006, better than market expectations. Vodafone's heavy losses a year ago were caused by impairment charges that were largely related to its acquisition of German telecoms group Mannesmann in 2000.
'Our Indian business is delivering very strong growth. Average net customer additions are running at 1.6 million per month with a customer base of over 35 million at the end of September', commented Vodafone chief executive Arun Sarin.
In April, Vodafone snapped up Indian mobile phone operator Hutchison Essar for $11.1 billion.
Vodafone, the largest mobile phone group in the world by revenue, raised forecasts for its full year operating profit, sales and cashflow after the solid half yearly results.
It now forecasts adjusted operating profit of £9.5 billion to £9.9 billion on revenues of £34.5 billion to £35.1 billion on the back of strong emerging markets and stable European growth.
The company had previously forecast revenues in the year to March 2008 of £33.3 billion to £34.1 billion, with operating profit of £9.3-9.8 billion.
