Vodafone's profit slides

Revenue down in the face of new competition

Vodafone NZ has recorded a profit of $121.6 million — down from $177.7 million in 2009 — according to financial statements filed on the companies office website today.

Revenue reduced from $1.616 billion to $1.607 billion as the telco faced increased competition from newcomers 2degrees and the launch of Telecom’s XT network.

The telco appears to have paid its parent company, Vodafone Group, a dividend of $47 million.

The statements are for the year ended 31 March 2010.

At a telecommunications conference in the June this year, Vodafone CEO Russell Stanners told the audience that mobile operators worldwide are wrestling with the conundrum of high customer expectations in the face of declining revenues.

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