It appears Vodafone Group is on the path to recovery. The world's largest mobile operator said it narrowed its net loss to $12.3 billion in the fiscal year that ended March 31, compared with $26 billion the previous year. Vodafone said it was aided by cost-cutting in Europe and strong growth in emerging markets. Revenue increased 6.3 percent. Vodafone now has more than 206 million subscribers.
Chief Executive Arun Sarin said Vodafone's overall growth is expected to remain strong even though the European market is expected to stay challenging in the current year.
"The last year has also seen a further reshaping of Vodafone's portfolio, with our acquisitions in Turkey and India further increasing the group's exposure to the exciting growth opportunities in emerging markets. We are well placed to continue delivering on our strategy," Mr. Sarin said.
For more about Vodafone's financial results:
- read this article from The Wall Street Journal (sub. req.)