Vodafone (LON:VOD) revealed a half year loss on Tuesday, blaming a court ruling in India.
Shares in the British multinational telecommunications company were trading almost 3% higher on Tuesday.
Vodafone said that loss for the six months ended 30 September amounted to €1.9 billion.
The company added, however, that this “primarily reflects losses in relation to Vodafone Idea post an adverse judgement against the industry by the Supreme Court in India”.
Vodafone also upgraded its full year guidance and it now expects adjusted EBITDA to lie in the €14.8-€15.0 billion range. This was previously forecasted to lie between €13.8-14.2 billion.
Earlier this month, Vodafone announced structural changes for its senior board and global operations. One of the changes included the removal of its Rest of the World regional organisation.
“I am pleased by the speed at which we are executing on the strategic priorities that we announced this time last year,” Nick Read, Group Chief Executive, said in a company statement.
“This is reflected in our return to top-line growth in the second quarter, which we expect to build upon in the second half of the year in both Europe and Africa,” the Group Chief Executive said.
“The consistency of our commercial performance has improved in both regions, and we have made a fast start on integrating the acquired Liberty Global businesses, where we see significant long-term opportunity. Our digital transformation is already creating a better experience for our customers, improving our differentiation, supporting growth and at the same time reducing our structural costs,” the Group Chief Executive continued.
Nick Read added: “We have now secured network sharing agreements across most of our major European markets, and we recently announced a major long-term wholesale partnership with Virgin Media in the UK, in order to improve the utilisation of our network assets. And we expect our European TowerCo to be operational by May next year, enabling us to continue to unlock the significant value embedded in our tower infrastructure.”
Shares in Vodafone Group plc (LON:VOD) were up on Tuesday, trading at +2.97% as of 12:32 GMT.