Vodafone reports increased profit for 2011 year

Filing notes MTR and RBI will be costs for 2011-2012 year

Vodafone NZ has reported a net proft of $151.5 million for the 2010-2011 financial year, compared with $121.6 million last year, according to its annual report, lodged with the Companies Office last week.

Operating revenue was slightly higher than last year, at $1.691.5 billion, compared with $1.594.9 billion last year.

The New Zealand subsidiary paid $130 million in dividends to its UK-based parent.

The Companies Office filing reveals that Vodafone paid $42.7 million to acquire the First Mobile chain of retail stores, and that “subsequent acquisitions of associated assets were made between September 2010 and March 2011 for a total consideration of $7.4 million”.

At the time of the acquisition, in August 2010, Vodafone declined to disclose the price paid.

The filing also looks forward from the March 2011 end of the reporting period, noting that the cost of Vodafone of the Rural Broadband Initiative, which it is teaming up with Telecom to provide, “over and above government funding, will be between $50 million and $80 million”.

The impact of the Commerce Commission’s final determination on mobile termination rates, issued earlier this year, is predicted to be “a decrease of $124 million revenue and $55 million other comprehensive income” for the 2011-2012 financial year.

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