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Tuesday May 24, 08:42
Vodafone returns cash to shareholders
(by Julia Jenson)
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Vodafone Group Plc, Newbury, England- based cell phone company, has promised to repurchase 4.5 billion pounds ($8.2 billion) of shares and raised its dividend almost twice.
Analysts believe that the company is trying to return cash to shareholders in an effort to boost its stock that has been trailing UK’s benchmark FTSE 100 index in the past half-year with a 2.5% rise amid a slowdown in growth fuelled by $300 billion of acquisitions under predecessor that were made by former Chief Executive Chris Gent.
Vodafone has reported one more loss in the fiscal year ended in March, presumably the last in the series of five losses that were caused by writedowns in connection with its extensive acquisitions. The loss this year, however, has narrowed to 7.54 billion pounds from 9.02 billion pounds in the previous period, and Vodafone executives hope that the application of new accounting rules will allow them to report a profit in the new fiscal year.
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