The Vodafone badge is deep red and Vodafone’s Japan arm is heamorraging yen; but, somewhat ironically, the flow isn’t quite as bad as the company thought. Today Vodafone Holdings K.K. announced it had lost 100 billion yen ($887 million!) in the financial year to 31 March 2004 compared to a proft of 79.5 billion yen in 2003 (when the company was still J-Phone). CEO Darryl Green had expected a loss of 114 billion yen, which would have been a super uncool $1 billion bucks at this week’s exchange rates, so it wasn’t quite as big a bloodbath as expected. Vodafone experienced revenue growth of 3.3%, but the company suffered operating, ordinary, and net income deficiencies due to increases in 3G depreciation costs, handset inventory provision, and retention initiatives. The skinny: operating revenues were down 7.9%, 0.3% worse than forecast at 1,665 billion yen against 1,797 billion yen last year. Within this, Vodafone K.K.’s operating revenues were 1,509 billion yen, up 3.3% compared to last year. Operating income plunged 32.9% to 185 billion yen from 275 billion yen last year.
