Operating Profit rise for Vodafone but cost cuts planned

Vodafone Group has recorded a 2.9% increase in 1st half operating profit and they have announced they plan to cut costs by a further £1 billion reports an article over on Bloomberg.

Ebita (earnings, before interest, taxes, depreciation and amortization) in the 6 months ending 30th of September rose some £7.46 billion which matched the average of analysts predictions from £7.24 billion the previous year.

UK based Vodafone is to reduce expenses with a view to offsetting a slide in demand for services and has stated the recession is hurting sales and profits as the consumer and businesses cut back on mobile phone use and travel.

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