Service revenue and customer numbers are continuing to dwindle for the local arm of telecommunications provider, Vodafone Group.
The telco released its global half-year results to September 30, citing a 1.977 billion pounds net loss ($US3.18 billion), and an impairment charge of 5.9 billion pounds related to Europe’s financial woes particularly within Vodafone’s Italy and Spain operations.
Total revenues also took a 7.4 per cent dive to 21.78 billion pounds.
Vodafone chief executive, Vittorio Colao, stated the results reflected tough market conditions, which will continue to impact the telco in the short term.
The Australian arm suffered a service revenue decline of 14.4 per cent and lost 77,000 mobile customers in the six months to September 30.
The decline was attributed to the telco’s ‘arresting weakness in brand perception’ and is still working on improving its network woes.
The telco recently announced it would cut about 500 jobs and hired a specialised management team in an effort to turn its Australian business around.Read more: Vodafone joint venture partner HTAL posts $285.5 million loss