These restated numbers... are not good news for Vodafone

Telecoms analyst

Telecoms analysts had been expecting Vodafone's profits from its German D2 and Italian Omnitel operations to be 6.5bn euros (�4bn) this financial year.

But in a statement, Vodafone said the figure for the current financial year would be just below 6bn euros (�3.7bn).

Disappointing

Vodafone said nothing the statement contained should be interpreted as a revision of the company's views on future prospects.

But one analyst said: "These restated numbers plus the recent fall in German subscriber numbers are not good news for Vodafone."

Last week, the company's shares suffered when it published disappointing revenue figures.

Vodafone said it gained 1.3 million customers in the three months from January to March, taking its global customer base above 101.1 million.

The rise and fall

But investors were unimpressed by news that the amount that Vodafone's mobile subscribers spend on making calls had remained "stable", rather than rising.

At the height of the tech and telecoms boom in early 2000, Vodafone shares touched 399p.

They have been hit hard in recent weeks, partly because of investor expectations that assets, once valued at billions of pounds, are to be written off.

Vodafone shares closed down 10% at 98p.