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Vodafone H1 Loss Narrows, Adj. EBITDA Up; Lifts FY20 Adj. EBITDA View

Vodafone Group Plc (VOD.L,VOD) reported Tuesday that its first-half loss was 1.89 billion euros, narrower than prior year's loss of 7.80 billion euros.

Basic loss per share was 7.24 cents, compared to loss of 28.89 cents a year ago.

The company said the loss for the financial period primarily reflects losses in relation to Vodafone Idea post an adverse judgement against the industry by the Supreme Court in India.

Adjusted earnings per share were 0.85 cents, compared to 4.28 cents a year earlier.

Operating profit was 577 million euros, compared to loss of 2.03 billion euros last year.

Organic adjusted EBITDA went up 1.4 percent, reflecting 0.2 billion euros operating expense savings in Europe and common functions.

Revenue edged up 0.4 percent to 21.94 billion euros from 21.85 billion euros last year, benefiting from the acquisition of Liberty Global's assets in Germany and Central & Eastern Europe.

Further, the company announced interim dividend per share of 4.50 euro cents, equivalent to 50 percent of the FY19 total dividend payout.

Looking ahead for fiscal 2020, the company now expects adjusted EBITDA of 14.8 billion euros to 15.0 billion euros, higher than previously expected 13.8 billion euros to 14.2 billion euros .The outlook implies about 2-3 percent organic growth.

Excluding a 0.8 billion euros net benefit from the Liberty Global acquisitions and the sale of New Zealand, the company is on track to achieve the upper half of our original guidance range.

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