On the Money - In Brief
- Vodafone is in early stage talks about selling its controlling stake in Vodafone Egypt, the country's second-largest mobile phone operator, in a deal that could be worth BP3bn ($4.3bn).
- The Vodacom Group, the African telecoms group 65% owned by Vodafone, has said its annual net profit fell 31% despite higher revenues, largely due to an impairment charge taken in the first half of the financial year. In the twelve months ended 31 March 2010 revenue was ZAR58.54 billion (USD72.3 billion) an increase of 5.6% on the year before. Net profit attributable to equity shareholders was ZAR4.2 billion down from ZAR6.09 billion while operating profit decreased 6.4% to ZAR11.24 billion mainly due to impairment losses of ZAR3.37 billion and a 10% increase in depreciation and amortisation. The group EBITDA margin rose from 32.8% to 33.8% and EBITDA increased by 8.7% to ZAR19.78 billion.