Vodafone reports adding 4.5 million new customers in second quarter |
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Published
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Mon, 24 Jul 2006 10:15
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LONDON - UK mobile giant Vodafone PLC has reported adding 4.5 million new customers in the second quarter ending June 30. Vodafone's total number of customers now stands at 186.8 million as it added 11.7 million customers following its acquisition of Turkey's Telsim.
The company said that the trading in its core European markets remained stable and that revenue growth in this area was 1.3 percent in the three months ending June. Vodafone's chief executive Arun Sarin is under tremendous pressure to justify his decisions and show growth in the bottom line. Many key investors have called for his head in the past and these calls are likely to be renewed in the near future unless Sarin shows some vision. Following today's report, Sarin said trading was "robust."
"This is a robust operating performance in testing markets with revenue for the quarter in line with expectations," Sarin said in the statement.
"`Whilst many markets in Europe remain highly competitive, we are on track with our revenue and cost initiatives in this region." In May Vodafone said its losses had increased to £14.8 million and issued a correction that its revenues would be hit in the short term. The major losses were related to the revaluation of German firm Mannesmann, which was acquired by Vodafone in 2000 for £112 billion.
Average monthly revenue per user (ARPU) for the three months was €48.80 down from €51.40 at the same time last year. Vodafone shares have dipped to 111.25p from 150p in November and are showing no signs of revival.
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Vodafone ousts marketing chief; Sarin seen asserting as CEO 