Service revenue and customer numbers are continuing to dwindle for telecommunications provider Vodafone Group in New Zealand and Australia.
The telco released its global half-year results to September 30, posting a net loss of 1.98 billion pounds ($3.9 billion), and an impairment charge of 5.9 billion pounds ($11.52 billion) related to Europe's financial woes particularly within Vodafone's Italy and Spain operations.
Total revenues also took a 7.4 per cent dive to 21.78 billion pounds ($42.53 billion).
Vodafone chief executive, Vittorio Colao, stated the results reflected tough market conditions, which will continue to impact the telco in the short term.
The financial results revealed that service revenue gains in Africa and the Middle East were "more than offset by revenue declines in Australia and New Zealand" but did not specify the service revenue drop in New Zealand. However the figures did show Vodafone New Zealand lost 50,000 customers in the six months to September 30.
The Australian arm suffered a service revenue decline of 14.8 per cent and lost 77,000 mobile customers over the same six months period.
The decline was attributed to the telco's 'arresting weakness in brand perception' and is still working on improving its network woes.
The telco recently announced it would cut about 500 jobs and hired a specialised management team in an effort to turn its Australian business around.
The global financial results note the recent purchase of TelstraClear for $840 million.
- Additional reporting by Computerworld NZ staff