Reported 14 days ago
Vodacom Group Ltd., Africa's largest phone company by market value, announced an 18% drop in net income for the first half of the year, attributing the decline to currency devaluations in Egypt and Ethiopia. Despite a slight increase in sales to 73.5 billion rand ($4.2 billion), net income fell from 8.39 billion rand to 6.84 billion rand. The company has also reduced its interim dividend by 7%. CEO Shameel Joosub remains optimistic about future opportunities despite the challenging macroeconomic conditions.
Source: YAHOO