Vodacom earnings fall 6.6% on black share scheme

JOHANNESBURG - Mobile phone operator Vodacom reported a 6.6% drop in full-year earnings due to one-off costs related to a share scheme offered to black investors.Vodacom, which is majority owned by Vodafone, concluded a broad-based black economic empowerment ownership deal in September, which saw Vodacom issue additional shares.

It also updated its medium-term capital expenditure target to reflect the IFRS 15 accounting standard and also changed its profitability target to operating profit from earnings before interest and taxes to include the benefits of the Kenyan Safaricom acquisition. Vodacom, which competes with MTN group and Telkom , said group service revenue jumped 5 percent, led by a strong performance overseas.

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