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Vodafone makes €2.4bn loss on southern European woes

Mobile giant blames tough trading conditions in southern Europe for losses.

BRITISH MOBILE GIANT Vodafone has reported a £1.97bn (€2.474bn) loss for the first half of 2012 due to massive writedowns in Spain and Italy.

Reporting a 7.4 per cent drop in revenues for the six month to July, the company wrote down the value of its operations in southern Europe, where tough market condition forced it to knock £5.9bn (€7.3bn) off the value of its units in Spain and Italy.

The latest results “reflect tougher market conditions, mainly in southern Europe” which would continue to impact the company in the short term said Chief executive Vittorio Colao.

However, there was better news from the US, where Verizon Wireless said it would pay a dividend of $8.5bn (€6.7bn). Verizon is 45 per cent owned by Vodafone, meaning the FTSE 100 company would receive about €3bn.

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