Vodafone (LON:VOD) shares sunk nearly 4 percent on Tuesday morning, despite moving into profit for the full year to March.

Net profit for the year hit €2.79 billion, compared to a loss a year earlier of €6.08 billion due to a large tax expense.

Operating profit also rose, up 15.4 percent to €4.3 billion, despite a 2.2 percent fall in revenue to €46.6 billion due to the deconsolidation of Vodafone Netherlands and FX movements.

The group also announced that chief executive Vittorio Colao will be replaced in October by current chief financial officer Nick Read. Deputy CFO Margherita Della Valle will become CFO when Read moves into the top job.

Vodafone declared a final dividend of 10.23 cents per share on Tuesday, up 2.0 percent, with a total dividend per share of 15.07 euro cents.

Shares in Vodafone are currently trading down 3.67 percent at 199.60 (0935GMT).