A six-month report showing a $7 billion bottom-line loss at
was sparking a big rally among it and its peers Tuesday.
The company posted a first-half loss of 4.34 billion pounds, or 6.41 pence a share, compared with a loss of 9.74 billion pounds, or 14.41 pence a share, a year ago. Revenue rose to 14.9 billion pounds from 8.9 billion a year ago; excluding acquisitions, they rose 14%. The loss was slightly narrower than expected by analysts, while the revenue figure was slightly higher.
Fueling optimism was the company's prediction that customer growth would top 10% this year, while earnings before interest, taxes, depreciation and amortization would rise 15% next year on a 10%-plus rise in sales. The company also cut its net debt to 10.7 billion pounds from 12 billion pounds April 1 and posted cash flow before capital spending, interest and taxes of 2.9 billion in the latest six months, somewhat better than hoped.
The company added 3.7 million subscribers in the three months to Sept. 30, bringing the total to 107.5 million, up from 95.6 million subscribers at the same time last year.
On the Instinet premarket session, Vodafone was up 10.6% to $17.08, while
was up 7.1% to $9.10,
was adding 3% to $11.29, and
was up about 1% to $16.08.
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