Solid gains in operating earnings in Vodafone's ( VOD) latest fiscal year were overshadowed by a $16 billion bottom-line loss caused by the writedown of goodwill.

The British mobile phone company lost 9.82 billion pounds in the year ended March 31, compared with a loss of 16.2 billion pounds last year. Revenue rose 33% to 30.38 billion pounds from 22.85 billion pounds, reflecting the consolidation of some Asian operations.

The latest quarter included a 14 billion pound goodwill charge related to acquisitions the company made when telecommunications and Internet valuations were much higher. Excluding interest, taxes, amortization and special items, earnings rose 36% to 8.43 billion pounds from 6.20 billion.

Despite that result, Vodafone shares were down 94 cents, or 4.5%, to $20 on the Instinet premarket session.

The company had EBITDA of 11.22 billion pounds, up 40% from last year.