Vodafone Reports Huge Profits, Shocks with Softbank Shares Sale
British telecom giant Vodafone has just reported huge profit gains for the first half of the year. According to the company, the net profit jumped 56 per cent making 7.50 billion Pounds. The credit for this massive gain goes to the sale of 3.1 billion Pounds stake in Softbank Corp, a Japanese telecom investment firm.
“We have also today announced an updated strategy, which positions Vodafone to realize further value from non-controlled assets, said Vittorio Colao, Chief Executive Officer,Vodafone.
The Softbank stake was sold by the company in 2006, whose gains will be reaped in two parts- in December 2010 and April 2012. The company also sold its stake in China Mobile Ltd. for 4.3 billion Pounds in September. Overall, Vodafone’s revenue rose from 21.76 billion Pounds to 22.60 billion Pounds in third quarter, thanks to stake selling. The company also expects an adjusted operating profit of 11.8 to 12.2 billion pounds in 2011.
Besides, we can clearly see the steady gains in VoIP and its conversion in an industry as a whole. Recently, we also heard about the Skype calling for its IPO in 2011, further empowering the VoIP industry.
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