Wireless Federation

Vodafone Group announced that it has narrowed its net loss for the fiscal year, and that it is on track to achieve strong growth in emerging markets in the coming year. The projections are due in part to cost-cutting measures in its European business divisions, and strong growth in emerging markets, such as Turkey, Africa and Eastern Europe.

Vodafone announced mobile revenues increased by 6.3%, while total revenues increased 6% to $61.61 billion from $58.15 billion. The company also said it narrowed its operating loss to $3.09 billion from $27.9 billion.

CEO Arun Sarin said in a statement that the company had made progress to cut costs and stimulate growth, stating that overall growth prospects for the group remain strong, despite expectations that the “mature” European market will remain a challenge. “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,” Sarin said.

As of this morning, Vodafone’s shares were up 4.4%, hitting a 5-year high.

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