Vodafone FY2017 revenue hits €1.3 bln in Egypt

Vodafone, the world’s second biggest mobile operator, reported Tuesday an 18.6 percent decline in the 2017 financial year revenue.

The company made a revenue of €1.33 billion (13 billion Egyptian pounds, $1.5 billion) in the 2017 financial year, which started on April 1, 2016 and ended on March 31, 2017.

The mobile operator said the financial results were based on euro’s exchange rate of 9.8 Egyptian pounds since the second half of 2017 financial year witnessed Egypt’s decision to liberalise the Egyptian currency’s exchange rates against foreign currencies on Nov. 3.

The parent company reported a €6.1 billion loss for the year to end-March, dragged down by the troubled Indian unit it is spinning off.