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London - Vodafone's annual profit rocketed to $59.3bn, boosted by the sale of a stake in US joint-venture Verizon Wireless and despite more problems in Europe, the British mobile phone giant said on Tuesday.
Earnings after taxation surged to the equivalent of $100bn in the year to 31 March, said Vodafone.
That compared with net profit of just $413m in 2012/2013, when the group was hit by special charges.
Revenues dipped 1.9% to $43.6bn, hurt by ongoing pressures in Europe.
But shares in the company sank by 4% on the back of downbeat guidance and after it was forced again to write down the value of its troubled European businesses.
Acquisitions
The London-listed group agreed to sell its 45% holding in joint venture Verizon Wireless in 2013 to partner Verizon for $130bn in a move to strengthen its strategy, boost infrastructure investment and slash debt.
The deal generated a huge capital gain, and the company used part of the proceeds to return $85bn to shareholders and made strategic acquisitions including the purchases of Kabel Deutschland, the largest cable operator in Germany and Spanish cable firm Ono.
