UK-based telecom giant Vodafone Group Plc. (VOD.L, VOD) Tuesday said its first-half profit before tax fell to 232 million pounds from last year's 406 million pounds.
On an adjusted statutory basis, adjusted profit before tax was 1.089 billion pounds, while it totaled 1.074 billion pounds in the previous year.
Loss attributable to owners of the parent was 1.7 billion pounds, compared to profit of 5.42 billion pounds last year. Loss per share was 6.40 pence, while earnings per share totaled 20.37 pence last year.
The latest results included an income tax expense of 1.82 billion pounds, compared to such a credit of 5.1 billion pounds in the prior year.
Group revenue slipped 2.3 percent to 20.266 billion pounds from 20.752 billion pounds in the prior year. Organic revenue growth was 2.8 percent.
The Board recommended an interim dividend per share of 3.68 pence, up 2.2 percent year-on-year.
Looking ahead, Vodafone said its overall performance in the first half of the current financial year has been in line with the company's expectations, and the firm expects revenue and profitability trends to improve in the second half.
Vodafone now expects EBITDA for 2016 to be in the range of 11.7 billion pounds to 12.0 billion pounds, and free cash flow to be positive, after all capex.
In July, the forecast was for EBITDA to be in the range of 11.5 billion pounds to 12.0 billion pounds.
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