S Africa's Vodacom earnings drop 22pc
South Africa's largest mobile operator Vodacom said Tuesday its headline earnings had dropped by 22.1 percent in the last fiscal year, one day after its listing on the Johannesburg exchange.
Earnings per share dropped from 525 cents to 409.2 cents in the year ending March 31, said the company, in which Britain's Vodafone has a majority stake.
The drop came despite a 16.5 percent increase in the number of subscribers to 39.6 million, driving revenues up to 14.5 percent to 55.1 million rand (6.5 dollars, 4.7 million euros).
In addition to South Africa, Vodacom operates in the Democratic Republic of Congo, Lesotho, Mozambique and Tanzania.
Revenue from the South African operations increased 10 percent to 47.4 million rand, contributing 86.0 percent to the group's total revenue.
Revenue from international operations grew 29.9 percent to 7.0 million rand.
Vodacom held its first listing on the Johannesburg stock market on Monday, after a failed court bid by the nation's powerful unions to block the move.
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