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Vodafone reports $6.7b loss
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Vodafone has posted an annual loss of almost $7 billion on the back of a large writedown on the value of its Indian business.

The telco slashed the value of its Indian business by $4 billion after a price war that also led Vodafone to merge its local operations with Idea Cellular.

Revenue fell 4.4 percent to $52.6 billion with the UK one of the worst performing of the 26 markets Vodafone has a presence in.

Vodafone, Idea merge to create India's largest telco
Vodafone, Idea merge to create India's largest telco

Vodafone's reported a net loss of $6.7 billion.

UK revenues plunged 17 percent while profits were down 31 percent, partially due to the weaker pound.

And it was a fine from the British communications regulator Ofcom that Vodafone CEO Vittorio Colao described as "the worst moment" for the company.

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Vodafone was fined $5.9 million for misleading pre-paid customers by charging them for credit and "providing nothing in return" and breaching rules on handling customer complaints.

Mr Colao said the issues that led to the fine had been resolved and he and Vodafone are now receiving far fewer complaints.

"Six to nine months ago we were receiving twice the number of complaints. I was personally receiving complaints," he said.

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Vodafone said it expects next year to be better and has forecast adjusted earnings before interest, taxation, depreciation and amortisation to grow between 4 and 8 per cent, up from 3.4 per cent last year.

Vodafone shares rose in the wake of the results with analysts shrugging off the losses and looking optimistically at the company's forecasts.

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