Vodafone Warns of Potential Coronavirus Hit; Swung to Fiscal Year 2020 Pretax Profit
May 12 2020 - 2:55AM
Dow Jones News
By Adria Calatayud
Vodafone Group PLC said Tuesday that it expects a significant
economic impact from coronavirus in its markets in fiscal 2021 and
that it won't be immune to challenges posed by the pandemic, as it
reported a swing to a pretax profit for fiscal 2020.
The U.K. telecommunications group said it isn't able to provide
guidance on adjusted earnings before interest, taxes, depreciation
and amortization for the year ahead given uncertainties. Based on
its current assessments, adjusted Ebitda might be flat to slightly
down in fiscal 2021 compared with a rebased fiscal 2020 baseline,
Vodafone said.
For the year ended March 31, the company made a pretax profit of
795 million euros ($860.5 million) compared with a loss of EUR2.61
billion a year earlier, when it booked a loss over the sale of its
Indian arm and wrote down the value of some of its assets. The
company posted a narrowed net loss of EUR920 million compared with
EUR8.02 billion a year before.
Revenue for the year increased 3% to EUR44.97 billion, the
company said. Analysts expected revenue of EUR45.42 billion,
according to a consensus taken from FactSet and based on estimates
by 14 analysts.
Adjusted Ebitda--one of the company's preferred profit
measures--rose 2.6% to EUR14.88 billion, against Vodafone's
guidance range of EUR14.8 billion to EUR15.0 billion.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
May 12, 2020 02:40 ET (06:40 GMT)
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