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Exchange rates boost Vodafone sales
2009-07-24
LONDON (AFP) - Vodafone, the world's biggest mobile phone company by revenue, on Friday reported a nearly 10-percent rise in quarterly revenue which it attributed partly to favourable exchange rates. The group's revenue was up 10.7 billion pounds, up 9.3 percent in April to June, the first quarter of its trading year, compared to the previous quarter, it said in a statement. It cited "the positive impact of exchange rate movements." At constant exchange rates, the revenue increase worked out at 2.4 percent, it said. It also cited a boost from "merger and acquisition activity, primarily attributable to the additional stake in Vodacom," a South African operator which it announced it had taken control of in November 2008. "We continued to see good growth in India and South Africa," said chief executive Vittorio Colao in the statement. "Our total communications strategy is delivering well." Vodafone had earlier reported that net profit in the year to March more than halved after massive charges against its business in the global economic downturn.
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