LONDON Nov 13 Vodafone wrote down the
value of its business in Spain and Italy by 5.9 billion pounds
and lowered its full-year outlook on Tuesday after reporting a
worse than expected fall in its key organic service revenue
The British company posted a 1.4 percent fall in group
organic service revenue in the second quarter - its first fall
in the metric since 2010 - due to the sharp slowdown in its
southern European business.
Vodafone was hit by customers trying to make fewer calls in
southern Europe, the weakening of currencies in its major
markets and the slowdown of still-solid growth in emerging
markets such as India and South Africa.
It also said it expected its free cash flow for the year to
be in the lowr half of the guidance range for the full year.