Vodafone profits hit by European weakness

UK mobile phone giant Vodafone has reported flat profits after being hit by the economic downturn in Europe.

The company said had it written down the value of its assets in Italy, Spain, Portugal and Greece by £4bn.

It said the region's economic weakness, together with a tough regulatory environment, had made revenue growth in Europe "increasingly challenging".

Pre-tax profits for the year to 31 March were £9.549bn, up 0.5% from £9.498bn the year before.

Source & Image : BBC