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LONDON (AFP) - British mobile phone giant Vodafone said on Tuesday that annual net profits tumbled 90 per cent after it took a vast £7.7-billion (S$14.69 billion) impairment charge relating to its businesses in debt-laden euro zone nations Italy and Spain.
Earnings after taxation nosedived to £673 million in the group's financial year to the end of March, compared with £7.0 billion in 2011-2012, Vodafone said in a results statement.
Group revenues retreated 4.2 per cent to £44.44 billion.
Vodafone's businesses in Italy and Spain have been hit hard by the impact of the ongoing euro zone sovereign debt crisis.
Pedestrian pass a Vodafone store in London, on Sunday, Nov 9, 2003. British mobile phone giant Vodafone said on Tuesday that annual net profits tumbled 90 per cent after it took a vast 7.7 billion pound (S$14.7 billion) impairment charge relating to its businesses in debt-laden euro zone nations Italy and Spain. -- FILE PHOTO: BLOOMBERG
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