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Vodafone NZ releases financial results

14 August 2006

Vodafone NZ releases financial results for year ended March 2006

Vodafone New Zealand’s annual report for the year ended 31 March 2006, released today, shows continued solid growth despite the increasingly competitive mobile industry.

Chief Executive Officer Russell Stanners says total revenue increased to $1.3 billion, up 8.5 percent on the previous corresponding period.

“This is due to more customers on our network and a wider range of services introduced over the past 12 months. Last year, for example, we launched our 3G services, which enable customers to use their mobiles to make video calls, watch television on their mobiles and listen to music downloaded to their handset.”

Vodafone’s profit decreased from $182 million in the previous financial year to $152 million, largely due to increased business costs and Vodafone’s commitment to driving down mobile pricing.

Stanners says that with the mobile penetration rate in New Zealand at 95 percent, the key to future growth will be in delivering to customers’ full voice and data needs.

“Over the past year, consumers have benefited from innovative new services and lower prices and this will continue, given a regulatory framework that encourages investment and promotes competition,” says Stanners.

“Vodafone has invested over $2 billion in New Zealand and we plan to continue investing in new technologies, such as 3G mobile broadband, which will be launched in September,” he says.

Vodafone’s annual report is available on the Companies Office website.

ENDS

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