LONDON: Vodafone on Tuesday posted a net loss of more than 2.1 billion euros in its first half after India’s Supreme Court ordered telecoms companies to pay long-standing bills. In the six months to September 30, the British group’s loss after tax stood at 2.128 billion euros ($2.735 billion). However that was far less than its net loss of almost 8.0 billion euros during the corresponding period one year earlier. Last month meanwhile, beleaguered Indian telecoms companies were told to pay a combined $13-billion bill. After a two-decade legal wrangle, the Supreme Court ruled that telecom firms had to pay the amount in past spectrum and licensing fees.

Source: Manila Times November 12, 2019 17:40 UTC