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Vodacom's first results since listing

By unknown | May 20, 2009 | COMMENTS [ 0 ]

Marcia Klein

Marcia Klein

A day after listing on the JSE, Vodacom reported results which were largely predictable - it had outlined its forecasts in its pre-listing statement.

Nevertheless, the share price had dropped by more than 3 percent by mid-morning yesterday after it reported a 21 percent drop in headline earnings for the year to March.

Vodacom reported that revenue grew 14,5 percent to R55,2billion, but operating profit was 3,9 percent lower and net profit was down 22,5 percent.

Its new holding company, Vodafone, which is the world's biggest mobile phone company by revenues, announced yesterday that its earnings dropped 53,8 percent to R40billion.

Vodacom CEO Pieter Uys said that operationally, pre-tax profit had improved, with earnings before interest, tax, depreciation and amortisation up 10,5 percent to R18,2billion. "The last 14 months have been seminal for the Vodacom Group. We concluded our BBBEE [empowerment] transaction and acquired the leading pan-African carrier services and connectivity provider, Gateway.

"We said farewell to one of our founding shareholders, Telkom, and became a subsidiary of the other, Vodafone Group, making us part of the world's leading mobile communications group," Uys said.


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