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Strong SA showing boosts Vodacom earnings

Johannesburg - Mobile phone operator Vodacom posted an 11% increase in first-half earnings on Monday after a strong performance in its home market.

Headline EPS rose to 438.1 cents per share in the six months to end September, from 394.6c a year earlier.

The operator declared an interim dividend of 395c after adding 10% new customers to 53.8 million.

Vodacom has a presence in Lesotho, Tanzania, the Democratic Republic of Congo and Mozambique, and is looking to cement its South African dominance by purchasing landline provider Neotel, currently held by India's Tata.

Vodacom and rival MTN are facing an anti-trust complaint by smaller competitor Cell C for discriminatory pricing.

Third-placed Cell C has waged a campaign against termination rates - charges for connecting calls on a rival network - which has led the regulator to propose pricing cuts by as much as 75% over the next three years.

The lower fees are likely to depress revenue for MTN and Vodacom, but boost takings at Telkom, which was only allowed to levy lower rates for calls from its landlines to the mobile operators.

Vodacom shares are down more than 7% so far this year, compared with a 17% increase by Johannesburg's Top-40 index.


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