By Adria Calatayud
Vodafone Group PLC said Monday that it swung to a pretax profit for the first half of fiscal 2021 and its results underline increased confidence in its full-year outlook.
The U.K. telecommunications company made a pretax profit for the six months to Sept. 30 of 2.05 billion euros ($2.42 billion) compared with a loss of EUR511 million for the same period last year. The company's year-earlier performance was hit by losses recognized relating to Vodafone Idea Ltd.
Adjusted earnings before interest, taxes, depreciation and amortization --one of the company's preferred metrics, which strips out exceptional and other one-off items-- were EUR7.02 billion, down 1.9% on year.
Second-quarter service revenue --a closely-watched metric that tracks sales generated from telecom services-- was down 0.4% due to the coronavirus pandemic, following a 1.3% drop in the previous quarter.
Revenue for the first half as a whole was EUR21.43 billion compared with EUR21.94 billion a year before.
Vodafone said full-year adjusted Ebitda is expected to be between EUR14.4 billion and EUR14.6 billion.
The board declared an interim dividend of 4.50 euro cents a share, in line with that of the prior year.
Write to Adria Calatayud at email@example.com
(END) Dow Jones Newswires